SGX grants time extensions for AGMs to First Sponsor, Serrano

PROPERTY developer First Sponsor Group on Saturday said it has obtained permission from the Singapore Exchange Regulation (SGX RegCo) to postpone its annual general meeting (AGM) for its financial year ended Dec 2019, in light of stricter measures that limit gathering sizes to prevent the further spread of Covid-19.

"The company sought the waiver (from complying with listing rules) as it is waiting for details as to the alternative arrangements to be put in place in relation to the manner of conduct of the AGM and it will require time to put in place such arrangements," it said in a notice filed to the exchange.

It said that it will issue its annual report to its shareholders and the Singapore Exchange Securities Trading by April 15. According to its indicative timeline, it seeks to issue its notice of AGM and letter to shareholders in relation to the proposed change of auditors and proxy forms by June 14, and will hold its AGM by June 30.

Separately, Catalist-listed interior designer Serrano on Saturday said that SGX has granted a four-month time extension to April 30 for the company to submit its trading resumption proposal; a two-month extension until April 30 to announce its full year unaudited financial results for FY19; and a two-month extension until June 30 to hold its FY19 AGM, among other things.

Serrano is undergoing an independent review after it became aware of allegations of improprieties and concerns relating to transactions, businesses as well as possibly conduct of management.

Its independent reviewer, KPMG, had earlier said that it expects the initial field work of its independent review and internal audit to be completed by the end of March 2020 but that now seems unlikely.

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KPMG has been unable to arrange the interviews with certain ex-management staff so far. KPMG is also currently unable to provide a revised indicative timeline as to when the initial field work and investigation can be completed. Serrano said it will make a further announcement when there is a material update from KPMG.

As for the internal audit, the implementation of the action plans to address the key audit findings is completed, and the follow-up audit is almost complete. The company intends to submit the follow-up internal audit report to SGX by April 3.

Serrano added that its cash flow forecast, which is part of its trading resumption proposal, has been prepared by the company and will be submitted to the Company's external auditors, Foo Kon Tan LLP, by the end of March 2020 for its review and confirmation.

It is estimated that the external auditors will require at least six weeks for the review and confirmation.

Serrano will work together with the external auditors to ensure the review and confirmation of the cash flow forecast will be completed and submitted to the SGX before the deadline of April 30.