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Sunvic Chemical not granted further extension for FY2018 results; gets nod to hold AGM later

SUNVIC Chemical said on Tuesday that it has filed another application to the Singapore Exchange Securities Trading (SGX-ST) to delay announcing its fiscal 2018 results to April 22, from April 15.

This was after the SGX-ST on April 11 rejected an earlier request to release the results on May 31 from an already extended deadline of April 1, the group said in a regulatory filing.

SGX-ST had conveyed that there were “no extenuating reasons” as to why the company could not announce its unaudited financial statements for fiscal 2018, therefore the manufacturer of intermediate chemical products must do so by April 15.

Sunvic Chemical said it is requesting the further extension in light of a recent explosion in its China chemical plant announced on March 27.

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It added that it is assessing the impact of the explosion on the assets held under its subsidiaries Jiangsu Jurong Chemical Co and Jiangsu Jurong Petro-Chemical Co, and is liasing with the local government to officially confirm the complete shutdown of the affected chemical zone.

It also said that it is discussing with its auditors on the accounting treatment of the affected assets as a subsequent event following the end of fiscal 2018.

Sunvic Chemical was initially expected to announce its fiscal 2018 results by March 1, but sought a 30-day time extension to April 1 – its first request which was granted by the SGX-ST.

This was to accommodate negotiations with the group’s external auditors to complete an audit for its 2018 results. Auditors were only able to start the six-week audit in the last week of March 2019 provided Sunvic Chemical made an upfront payment of 70 per cent of auditing process fees.

Meanwhile, the SGX-ST has granted Sunvic Chemical’s request to delay its annual general meeting (AGM) by two months to June 30 from April 30, provided the group meets waiver conditions and announces its reasons for seeking the extension.

In addition, it has to submit a written confirmation that it is not aware of any information with material bearing on investors’ decision not yet announced by the group.

Sunvic Chemical has also got the green light from the Accounting and Corporate Regulatory Authority (ACRA) to hold its AGM by the new date and file its annual return for fiscal 2018 by July 30.

Trading in Sunvic Chemical shares has been suspended since Jan 14 upon the company’s request.