Transcorp to hold AGM on Friday after Acra grants further extension of time

CATALIST-LISTED Transcorp has been granted a further extension of time by the Accounting and Corporate Regulatory Authority of Singapore (Acra) to hold its annual general meeting for the 2018 fiscal year. The meeting will now be held on March 22.

Acra has allowed Transcorp to hold its AGM by April 29, and file its annual return for fiscal 2018 by May 30, the group said in a regulatory filing on Tuesday night.

The group had earlier gotten the green light from the Singapore exchange for more time until March 31 to hold the AGM, the original deadline being Feb 28.

Transcorp said it 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, while three out of four directors on its board were appointed after the fiscal year.

Hence, the group said it needed more time to assess the system of risk management and internal control in the group. This is to address material risks and provide its opinion on these in the corporate governance report.