SINGAPORE - The Singapore Exchange (SGX) has allowed more listed companies to delay their full-year results for up to two months due to the coronavirus outbreak, the exchange said on Thursday (Feb 27).

The extension means more firms that fulfil certain criteria have until June 30 to hold their annual general meetings (AGMs) and approve financial results.

Earlier on Feb 7, SGX said that the two-month extension would apply only to companies whose financial year ends on Dec 31 and if China is their principal place of business or they have significant operations there.

But with Thursday's announcement, the extension now applies to companies regardless of where their place of business or operations is, particularly firms that need more time to implement measures to address coronavirus concerns.

Explaining the move to allow more companies to delay their full-year results, SGX cited the difficulties some auditors have faced due to measures imposed in response to the virus outbreak, including feedback received by shareholders who expressed concern about holding large meetings for their AGMs during this period.

Mr David Gerald, founder, president and chief executive of the Securities Investors Association Singapore (SIAS), welcomed the decision by SGX Regulation - SGX's regulatory unit - and the Accounting and Corporate Regulatory Authority (Acra).

But he added that SIAS has been advising companies wishing to hold physical meetings to use digital platforms to engage their shareholders until the coronavirus situation is no longer a threat.

"It is timely for the relevant authorities to consider introducing legislation to enable companies to hold virtual meetings which will enormously benefit their stakeholders," said Mr Gerald.

"As far as we understand, Britain, Canada, New Zealand and Australia have already begun allowing virtual meetings. It is time Singapore does the same."

SGX said the extension would give companies more time to consider the best way to conduct their AGMs, and listed virtual channels that companies could adopt, such as webcasts or allowing shareholders to vote via proxies without physically attending the AGM.

Firms will need approval of the extension from Acra or other relevant authorities.

SGX said Acra has agreed to allow applications that fulfil the exchange's criteria and waive fees for the applications.

However, companies are still required to release their unaudited financial statements for the year 2019 by Saturday, SGX said.

The exchange also urged that companies materially affected by the coronavirus situation provide voluntary updates via SGXNet of any impact on their businesses due to the outbreak.

It reminded companies that they are obliged to disclose all material information, whether it is price- or trade-sensitive.