Date Published: 13 April 2020
Authors and Contributors: Tan Min-Li, Jennifer Lo and Timothy Tan.
The SGX RegCo announced on 7 April 2020 that it will automatically extend by 60 days the deadline for all issuers with financial year-end on or before 31 March 2020 to hold their AGMs.
Issuers whose financial year end is on 31 December 2019 will need to issue their annual report by 15 April 2020. However, other issuers may issue their annual report at least 14 days before the AGM date.
In this regard, please note the following table:
*Note: Issuers with 31 December 2019 FY-end will still need to issue their annual reports by 15 April 2020. This is consistent with current requirements as set out in SGX RegCo’s 27 February 2020 regulatory announcement.
Although the time extension is automatic, issuers are required to notify SGX RegCo by email to automaticagmwaivers@sgx.com of, and announce via SGXNet, the following:
- their relevant FY-end and the indicative timeline to convene their AGM; and
- the Board of Directors’ confirmation that the time extension will not be in contravention of any laws and regulations governing the issuer and its constitution (or the equivalent in the issuer’s country of incorporation).
ACRA: Extension of time to hold AGMs and file annual returns for all companies
For companies whose AGMs are due during the period 16 April 2020 to 31 July 2020
ACRA has also announced that it will grant an extension of 60 days for all companies (listed and unlisted) whose AGMs are due during the period of 16 April 2020 to 31 July 2020. This automatic extension also applies to companies who had previously been granted an extension of time to hold their AGMs within this period.
ACRA also announced that the annual return filing due dates for the period 1 May 2020 to 31 August 2020 for all companies (listed and unlisted) will also be extended by 60 days.
No application for extension of time with ACRA is needed for these extensions.
For companies whose AGMs are due during the period 1 to 15 April 2020
ACRA also announced that companies whose AGMs are due during the period 1 April to 15 April 2020 may hold their AGM within 60 days of the due date without any penalty.
ACRA also announced that annual filing due dates will also be extended by 60 days.
Similarly, no application for extension of time with ACRA is required.
Please see the following table for the applicable extensions of time:
We are here to help
We understand that this may be a challenging time for you and your businesses. If you have any queries about the above changes will affect you and your companies, we will be more than happy to address them. Please feel free to contact Ms Tan Min-Li or Ms Jennifer Lo.
Disclaimer: This update is provided to you for general information and should not be relied upon as legal advice.
CNPLaw’s Corporate Finance and Capital Markets Lawyers
Having handled transactions for numerous local and foreign companies across Asia, extending across a wide range of businesses and industries, we have accumulated significant experience advising on an extensive range of corporate finance transactions.
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