Cordlife seeks to extend AGM, sustainability report deadlines as it fails to finalise accounts

TROUBLED cord-blood bank Cordlife applied for extensions of annual general meeting (AGM) and sustainability report deadlines to the Singapore Exchange Securities Trading on Tuesday (Apr 9), because it has yet to finalise its audited FY2023 financials.

In view of the ongoing investigation by the Ministry of Health, Cordlife said on Thursday that the company and auditors will need more time to assess the impact of the test results and to finalise and release the company’s FY2023 annual report, as well as undertake necessary preparations for the FY2023 AGM.

The company noted that under listing rules, this AGM is required to be held no later than Apr 30 and a sustainability report needs to be issued no later than four months after the end of FY2023, or when the company has conducted external assurance on the sustainability report, no later than five months after the end of FY2023.

Cordlife is seeking a two-week extension for each deadline. Under the waiver application, it is to hold the AGM and issue the sustainability report by May 14.

It concurrently submitted an application to the Accounting and Corporate Regulatory Authority for an extension of time to convene the FY2023 AGM, and to file its annual return for FY2023. 

Shares of Cordlife : P8A 0%closed Tuesday down 9.4 per cent or S$0.016 to S$0.154.