SGX rejects application from ASA for extension to hold FY18 AGM

THE Singapore Exchange (SGX) has rejected a waiver application from Advanced Systems Automation (ASA) for an extension of time to hold its annual general meeting (AGM) for the financial year ended Dec 31, 2018.

"Accordingly, SGX has informed the company to hold its AGM as soon as possible," ASA said in a filing to the bourse on Wednesday. "The company is currently working on the preparation for the AGM which is targeted to be held by July 31."

In an earlier filing on June 13, ASA said that its management and its external auditor, Ernst & Young, are still in the process of clearing certain outstanding matters and finalising accounts. As such, the group is unable to finalise its financial results for FY2018 on or prior to May 31 and is unable to hold its AGM by May 31, it said at the time.

In April, the SGX had previously approved an earlier waiver application for an extension of time to hold the AGM.