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SunVic says lack of auditor announcement due to 'oversight'

SUNVIC Chemical Holdings says it did not announce its auditors' emphasis of matter through SGXNet because of "an inadvertent oversight".

It revealed this on Thursday morning, in response to a Singapore Exchange query on the matter.

In a separate announcement on SGXNet, SunVic said its independent auditors, Foo Kon Tan LLP, had included an emphasis of matter regarding interested person transactions by the group, in the independent auditors' report on the financial statements for the financial year ended Dec 31, 2015.

These involve transactions between the group and Yixing Danson Technology Co and Taixing Jinyan Chemical Technology Co.

With regard to the former, Foo Kon Tan LLP said: "On April 30, 2013, the company announced that (i) the transactions between the group and Yixing Danson were interested person transactions which exceeded 5 per cent in FY2011, 2012, first quarter 2013 and (ii) the company would be seeking approval from shareholders to ratify the past interested person transactions at an extraordinary general meeting to be convened."

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Foo Kon Tan LLP also noted that the transactions between the group and Taixing Jinyan were interested person transactions. Hu Yanping, the substantial shareholder of the group, Sun Xiao, SunVic's CEO, and their associates own in aggregate 100 per cent of the equity interest in Jiaxing Jinyan Chemical Co, while Taixing Jinyan is a 86 per cent-owned subsidiary of Jiaxing Jinyan.

The auditors said of the two transactions flagged: "The company has not convened the extraordinary general meeting as at the date of this report as they are in the process of obtaining SGX's approval in respect of the contents in the shareholder's circular to the extraordinary general meeting. We draw your attention to the uncertainty related to the outcome of this convening of extraordinary general meeting or the non-compliance of the SGX listing rules. Our opinion is not qualified in this respect of this matter."

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