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Transcorp gets green light to hold AGM by Mar 31
TRANSCORP Holdings got the green light from the Singapore Exchange (SGX) for more time until March 31 to hold its annual general meeting (AGM).The original deadline was Thursday.
It had requested for more time as it could not prepare the annual report for the fiscal year ended Oct 31 2018 in time to allow for sufficient requisite notice to shareholders prior to the date of the AGM.
This happened because the chief financial officer position was vacant from Nov 6 to Dec 2 and from Dec 7 onwards, and the only executive director was only appointed after FY2018, and in the board, three out of four were appointed after the fiscal year.
As such, the group said it needs more time to assess the system of risk management and internal control in the group so as to address material risks and to provide its opinion on these in the corporate governance report.
Transcorp closed unchanged at S$0.004 on Friday before the announcement was made.