SGX RegCo rejects Innopac's bid to extend AGM deadline

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THE Singapore Exchange Regulation (SGX RegCo) has rejected Innopac Holdings' request for a two-month extension to report its financial results and hold its annual general meeting (AGM) for FY2019 ended June.

In a bourse filing on Saturday, Innopac said that it was notified of the rejection in a letter from SGX RegCo dated Sept 23. The company had up till Aug 31 to release its financial results and up to Oct 31 to hold its AGM.

Innopac had earlier received a notice of delisting from SGX on June 4 for failing to meet criteria to exit the bourse's watchlist. The mainboard-listed company has since said that all of its finance and administrative staff, including its financial controller, have left the company after the delisting notice.

Innopac, which has been named in ongoing court proceedings over the 2013 penny stock crash, is still seeking funds to engage external services to prepare its unaudited interim financial results for FY2019.

"Nevertheless, the company is currently working on the release of the interim results and holding the AGM for FY2019 as soon as possible," Innopac said in its filing.

Innopac shares last traded at S$0.002 before the counter was suspended in June 2018.

Sharanya Pillai
07 October 2019

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