- April 22, 2020
- Posted by: coseclinicadmin
- Category: News
Singapore Exchange Regulation (SGX RegCo), in consultation with the Monetary Authority of Singapore (MAS), will grant an automatic 2-month extension to issuers with financial year-ends (FY-end) of 29 Feb 2020 or 31 March 2020 ; and a 1-month extension to issuers with a 30 April 2020 FY-end, to release their full year unaudited results (Waiver).
We recognise the importance of issuers announcing their unaudited full-year financial statements in a timely manner. It keeps the market apprised of their financial performance ahead of the issuance of the annual report and shareholder approval of the audited financial statements at the annual general meeting.
However, practical difficulties have emerged in the preparation of the unaudited full-year financial statements due to the elevated safe distancing measures put in place from 7 April 2020 until 4 May 2020 (inclusive) as a circuit breaker to address local transmission of COVID-19 (Circuit Breaker Period). In addition, it was further announced on 21 April 2020 that the Circuit Breaker Period would be extended until 1 June 2020 (inclusive)(Revised Circuit Breaker Period).
During the Revised Circuit Breaker Period, all non-essential businesses must stop operations at their workplace. Remote access to accounting and financial records may not always be feasible. This has a bearing on issuers whose full-year ended just before the start of or during the Revised Circuit Breaker Period, since the reporting timeline for them falls within or shortly after the Revised Circuit Breaker Period.
We have, in light of this, decided to grant this Waiver.
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