SGX allows companies to extend AGM by two months

SINGAPORE (Feb 7): Some Singapore listed companies with a Dec 31 2019 year-end will be given a two-month extension to hold their AGMs, given the disruptions caused by the coronavirus outbreak. Companies now have up to June 30 2020 to hold their AGMs.
This is the first time SGX is allowing such a mass extension.
However, companies are still required to release their unaudited financial statements for FY Dec 2019 by February 29 2020.
The AGM extension waiver applies to companies with their principal place of business in China; or, they have significant businesses there.
It is also applicable if the companies who might face problems with statutory audits, given the travel restrictions imposed by authorities in a bid to contain the virus outbreak.
“The waiver follows feedback received from audit professionals of their practical difficulties in performing the statutory audits for FY Dec 2019, due to the measures put in place by the authorities in response to the novel coronavirus situation,” said SGX RegCo on Feb 7.
Companies that wish to seek a waiver are to notify SGX RegCo via the RegCo Submissions Portal. They need to indicate how they qualify for the wavier, and to also give an indicative timeline on when to convene the AGM.
“Notwithstanding the waiver, issuers are reminded that they are subject to continuous disclosure obligations under the SGX-ST Listing Rules,” SGX RegCo added.
“This means that all material information, whether price-sensitive or trade sensitive information, must be disclosed on a timely basis. Where the issuers’ operations are materially affected by the 2019-nCoV situation, timely disclosure on the financial impact or any other material aspects should be made immediately.”
Over the past week, a growing list of companies ranging from property giant CapitaLand to small-cap manufacturers Nico Steel, have announced how their operations in China are either halted temporarily or, for retailers, operate with shortened hours.