BEST WORLD INTERNATIONAL LIMITED Company Registration No. 199006030Z

APPLICATION FOR EXTENSION OF TIME TO COMPLY WITH RULE 707(1) OF THE LISTING MANUAL TO HOLD THE ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

The Board of Directors (the "Board") of Best World International Limited (the "Company") refers to the Company's announcement dated 2 March 2022 in relation to the Company's application to SGX RegCo for an extension of time from 29 April 2022 to 31 July 2022, for the Company to hold the annual general meeting ("AGM") by, for the financial year ended 31 December 2021 ("FY2021") in accordance with Rule 707(1) of the Listing Manual (the "2 March 2022 Announcement"). Unless otherwise defined, all capitalised terms used herein shall bear the meanings ascribed to them in the 2 March 2022 Announcement.

Basis for the Extension

The Company is seeking the Extension for the following reasons:

  • (a) The change of the Company's auditors from Ernst & Young LLP to Nexia was approved by the Shareholders during the 31 December 2021 EGM.

  • (b) An interim audit is typically carried out for the Group in the 4th quarter of the year. Part of the work done during the interim audit is also used for the purposes of, and facilitates, the audit work for the full financial year. However, as Nexia was only appointed as the Company's auditors at the 31 December 2021 EGM, Nexia could not carry out the interim audit in the 4th quarter of 2021. Accordingly, Nexia's audit work for FY2021 could not benefit from an interim audit.

  • (c) As FY2021 is the first year that Nexia has performed audit work for the Group, additional time was also required for Nexia to review the Company's background information, historical books, and records, in order for Nexia to perform and complete its audit procedures, obtain sufficient appropriate evidence regarding opening balances, and finalise the financial statements before signing off on its audit report.

  • (d) Accordingly, Nexia has informed the Company that they anticipate only being able to complete audit procedures and finalise the FY2021 audit work in or around May 2022. After factoring in discussions with the Company's audit committee and management, it is expected that the audited financial statements for FY2021 will be finalised in or around June 2022.

  • (e) Therefore, the earliest practicable date that the documents for the AGM are expected to be ready for issuance to the Shareholders is in or around June 2022, and the earliest practicable date that the AGM may be convened is in or around June or July 2022.

Waiver

The Company is pleased to announce that based on the Company's submissions and representations to SGX RegCo, SGX RegCo has on 25 March 2022 informed the Company that it has no objection to the Company's application for an extension of time to convene the AGM to 31 July 2022 (the "Waiver") with regard to compliance with Rule 707(1) of the Listing Manual, subject to the following:

  • (a) the Company announcing the Waiver granted, the reasons for seeking the Waiver, the conditions as required under Rule 107 of the Listing Manual and if the Waiver conditions have been satisfied. If the Waiver conditions have not been met on the date of the announcement, the Company must make an update announcement when the conditions have all been met; and

  • (b) the Company convening the AGM by 31 July 2022.

Shareholders should note that the Waiver will not be effective if any of the conditions have not been fulfilled.

Following the disclosures in this announcement, the Company has complied with the requirement in condition (a) of the Waiver to announce the Waiver, the reasons for seeking the Waiver and the conditions of the Waiver. The Company will make an update announcement when the conditions of the Waiver have all been met.

Application to ACRA

The Company will make the necessary application to ACRA for the corresponding extension of time to hold the AGM under Section 175(2) of the Companies Act and to lodge its annual return under Section 197(1B) of the Companies Act.

Further Announcements

The Company will make further announcements to update the Shareholders as and when there are material developments in relation to the Waiver and the AGM.

BY ORDER OF THE BOARD

Huang Ban Chin

Director and Chief Operating Officer 28 March 2022

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Best World International Limited published this content on 28 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 16:10:07 UTC.