SINGAPORE - Troubled cord blood bank Cordlife applied for extensions of annual general meeting (AGM) and sustainability report deadlines to the Singapore Exchange on April 9, because it has yet to finalise its audited financial statements for fiscal 2023.

Cordlife said on April 11 that in view of the ongoing investigation by the Ministry of Health, the company and auditors will need more time to assess the impact of the test results and to finalise and release the company’s financial year 2023 annual report, as well as undertake necessary preparations for the financial year 2023 AGM.

The company noted that under listing rules, the AGM is required to be held no later than April 30 and a sustainability report needs to be issued no later than four months after the end of financial year 2023, or when the company has conducted external assurance on the sustainability report, no later than five months after the end of financial year 2023.

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 financial year 2023 AGM, and to file its annual return for financial year 2023.

Shares of Cordlife closed unchanged at 15.4 cents on April 11. THE BUSINESS TIMES