Singapore Institute of Advanced Medicine Holdings has been granted an extension by the Singapore Exchange S68 Regulation (SGX RegCo), in a bourse filing dated Sept 18.
On Aug 16, the group filed an application for the extension, through its Continuing Sponsor, PrimePartners Corporate Finance, to the SGX RegCo.
This grants the group a two month extension to release its FY2024 results by Oct 29, as well as an extension for the group to convene its annual general meeting (AGM) for the same period by Dec 31.
The group is also expected to submit an application to the Accounting and Corporate Regulatory Authority (ACRA) for an extension of time to convene its AGM for 2024.
Additionally, an extension has also been granted for the issuance of the group’s annual report for 2024 by Dec 16, with the condition that it is submitted at least 14 days before the date of its AGM.
The extension came on the back of the group’s release on July 31 that announced it was expecting a significant net loss after tax for FY2024, following a preliminary review of the group’s unaudited financial results for the same period.
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As a result, management identified that this had resulted in an impairment indicator being present on certain non-current assets of the group, as at June 30. This required an assessment to finalise the impairment amount related to financial adjustments to the group’s consolidated financial figures and its FY2024 Results.
Shares in Singapore Institute of Advanced Medicine Holdings closed flat at 8.5 cents on Sept 18.
