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KTL Global changes end of financial year to Dec 31

KTL Global will change its financial year to end on Dec 31 from June 30, it announced in a Singapore Exchange filing on Friday night.

"The change of financial year-end is to facilitate better management of resources for business operations and financial reporting, resulting in better administrative and operational efficiencies," said KTL Global.

The next set of audited financial statements for the financial period ending Dec 31 will cover an 18-month period to Dec 31, 2018.

The company proposed to hold its next annual general meeting (AGM) on or before Apr 30, 2019 when it will lay the financial statements for the 18-month period from Jul 1, 2017 to Dec 1, 2018. This means there will be a 15-month interval between the last AGM on Oct 23, 2017 and its next, and that there would be no AGM in the calendar year of 2018. 

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The company will make an application to the Accounting and Corporate Regulatory Authority for an extension of time for it to hold its next AGM on or before the proposed date.

KTL Global last closed on June 26 at S$0.023.