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Yamada Green Resources seeks time extension to report earnings

YAMADA Green Resources has applied for time extension to release its full-year financial results ended June 30, 2017 and to hold its annual general meeting for FY2017, due to a fire incident.

The supplier of edible fungi operating mushroom cultivation bases in Fujian province, China, said that a transport vehicle ferrying certain finance documents and IT/computer hardware had gone up in flames on Aug 30, 2017 at 2.30pm, the group said in a Singapore Exchange filing on Monday night.

The vehicle was transporting the said documents and computer hardware within Minhou County of Fuzhou City - from the group's research and development (R&D) centre in Houyu Food Industry Zone, to the group's office premises in the Tie Ling Economic and Technological Development Zone, pursuant to management's decision to consolidate the finance team and records at the office premises.

"The preliminary assessment of management is that a large part of the FY2017 and FY2018 finance documents for the company's subsidiaries, and part of the FY2010 to FY2016 finance documents of the company's subsidiaries, are likely to have been affected or destroyed by the fire.

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"The affected finance documents include certain payment and receiving vouchers, invoices and banking-related advice and documents. Affected IT/ computer hardware comprise office computers which contain records, back-ups and information on finance and related documents," the group said.

It also said that the finance team and records are presently split between two locations - the R&D Centre and the office premises. The consolidation of the finance operations at the office premises is intended to improve operational and audit efficiency, and allow both finance staff and external auditors easier access to key management, it noted.

The group said that the management has "commenced efforts to reconstruct or reproduce the documents affected but will require some time to do so", thus, the group's audit for FY2017 is "expected to be delayed and it is envisaged that the external auditors, BDO LLP, may face certain difficulties in respect of the finalisation of the audit" of the group's financial statements for FY2017.