CATALIST-LISTED real estate firm Rich Capital Holdings, now embroiled in legal proceedings over a Batam project, wants to push back its annual general meeting deadline.
Rich Capital pointed to an ongoing dispute with its subsidiary's Indonesian joint-venture partner as one reason that it cannot convene the AGM on time. On top of that, Rich Capital is engaging a professional firm to carry out an independent review, so the company might be able to announce key findings and take shareholders' questions at its AGM if the date of the meeting were to be moved back, the board suggested.
Rich-Link Construction has also not been able to deliver an advance payment guarantee of S$2 million owed to Rich Capital - a sum that the bourse operator had suggested could take some strain off the group's working capital after auditors raised going concern issues in May.