Xingquan: Results delay due to vacancies in key posts

PETALING JAYA: Xingquan International Sports Holdings Ltd, which is facing a trading suspension on Thursday, said yesterday the announcement of its financial results for the third quarter ended March 31, 2017 is delayed because of the expiry its CFO’s contract on April 30, 2017, and the sudden departure of an independent director who was also the chairman of the audit committee on May 29, 2017.
Independent director Tan Eng Choon gave no reason for his resignation and denied any disagreement with other board members.
This, Xingquan said, has made it unable to complete the preparation of the third quarter results in time for submission by May 31, 2017.
Barring any unforeseen circumstances, it is expected that Xingquan should be able to issue the “outstanding Q3 results” by middle of July 2017.
Xingquan said it is sourcing for suitable candidates and hopes to fill the vacant posts of CFO and independent director within this month.