Shanghai Turbo Development violated regulations and was instructed to hold an annual general meeting related to it before August | Lianhe Zaobao

The Singapore Exchange Regulation Company (SGX RegCo) issued a "Notice of Compliance" to the listed company Shanghai Turbo Enterprises, stating that it has violated listing regulations and instructing the company to hold its annual general meetings for the fiscal years 2024 and 2025 by the end of August, or disciplinary action may be taken. According to regulations, mainboard listed companies must hold their annual general meetings within four months after the end of each fiscal year. Shanghai Turbo's fiscal year ends in December, so the annual general meeting must be held by the end of April at the latest. However, the company has not yet held the annual general meetings for the fiscal years 2024 and 2025, meaning that Shanghai Turbo has not complied with this regulation for two years. Shanghai Turbo revealed on Tuesday (March 24) after the market closed that the Singapore Exchange Regulation Company believes Shanghai Turbo has violated mainboard listing regulations because the company did not hold the annual general meeting for the fiscal year 2024 before the deadline of April 2025. The company intends to hold the annual general meeting for the fiscal year 2025 before the end of August 2026, which will also violate the requirement to hold the meeting by the end of April. Further Reading Trump calls US-Iran dialogue "productive," Asian stocks rebound with the Straits Times Index up 0.44% Shen Leisure Group: Middle East conflict has not affected business in the Gulf Cooperation Council region The regulation company also pointed out that if Shanghai Turbo does not comply with this instruction from the regulation company and hold the relevant annual general meetings within the deadline, the company's directors and executives may also be seen as not providing the necessary cooperation to the Singapore Exchange. The regulation company can also take disciplinary action against the company, including placing the directors and executives of Shanghai Turbo on a watch list until the company fully complies with the regulatory instructions. If a director leaves before supervising the company to complete compliance with the instructions, they will be considered as having "jumped ship," and even if the company subsequently fully complies with the instructions, the relevant director will still remain on the watch list On Tuesday, Shanghai Turbo's stock price remained flat at 3.5 cents, with no transactions made