Net Pacific Financial Holdings Gets SGX Extension for Key Financial Filings Amid Major Audit and Business Changes

Key Points Investors Must Know

• SGX-ST grants crucial time extension: Net Pacific Financial Holdings Limited (“Net Pacific”) has received approval from the Singapore Exchange (SGX-ST) for extensions to announce its unaudited 1Q2026 results by 14 December 2025, hold its AGM for FY2025 by 30 December 2025, and issue its FY2025 Sustainability Report by 15 December 2025.
• Reasons for extension: The delays are due to significant ongoing work: a goodwill impairment assessment linked to a recent acquisition, adjustments required from regulatory findings, and complications arising from a change in the company’s financial year end.
• Major acquisition: Net Pacific acquired 51% of Saint Pearl Travel Products (Guangdong) Co., Ltd, expanding into China’s luggage business. The valuation process for this deal is complicated due to the company’s pre-profitability phase and high growth rate.
• ACRA regulatory scrutiny: The Accounting and Corporate Regulatory Authority (ACRA) of Singapore has mandated adjustments to prior years’ financial statements, requiring detailed audit and board review.
• All waiver conditions met: As of this announcement, the company confirms all conditions set by SGX-ST for the waiver have been satisfied, and that there are no undisclosed material facts that could affect investors’ decision-making.

Details of the SGX-ST Waiver and Why It Matters

Net Pacific Financial Holdings Limited has disclosed that the Singapore Exchange has no objection to its request for an extension to meet several key Catalist Rules filing deadlines. The waiver allows the company to:

• Announce unaudited 1Q2026 results by 14 December 2025
• Hold its AGM for FY2025 by 30 December 2025
• Issue its FY2025 Sustainability Report by 15 December 2025

This extension was granted after SGX-ST considered the company’s submissions, notably its need for time to implement accounting adjustments stemming from recent ACRA findings and the complexities arising from a major acquisition and a change in financial year end.

What Shareholders Must Watch Closely

• Goodwill Impairment Assessment: The acquisition of Saint Pearl Travel Products (Guangdong) Co., Ltd has created significant goodwill, the value of which must be assessed by an external expert. Because Saint Pearl is still in a “pre-profitability” phase (rapid growth but not yet profitable), this valuation is more complex and time-consuming than usual. Final assessment and audit will directly affect reported assets and could impact future profit/loss statements.
• Change of Financial Year End: The company changed its year end from 31 December to 30 June, making FY2025 an 18-month reporting period. This requires adjustments and extra resources to ensure compliance with accounting standards, possibly affecting comparability and continuity in financial results.
• ACRA’s Regulatory Findings: ACRA’s review of the company’s FY2022 financials has led to required adjustments in comparative figures for subsequent financial statements. The auditors have completed their review, but the Board still needs time for its own assessment and discussions. These adjustments may affect the company’s historical and current financial position, potentially impacting investor perception and share price.
• No undisclosed material information: The Board has confirmed there is no currently undisclosed information that would materially affect investors’ decisions regarding the extension or the reporting delays.
• Compliance assurance: The Board also confirmed that the waivers do not breach any laws or the company’s constitution.

Potential Impact on Share Price and Investor Sentiment

The extension itself signals to the market that complex and potentially material changes are underway—especially concerning the value of the company’s recent acquisition and its ability to comply with regulatory requirements. Investors should monitor subsequent announcements closely for:

• The final outcome of the goodwill impairment assessment, which could significantly impact reported profits and net assets.
• The effect of ACRA-mandated adjustments on prior and current financial statements, as this could alter the company’s financial trajectory and investor confidence.
• Any further delays or new findings in the audit or reporting processes.

Both the complexity and the regulatory scrutiny involved are likely to be price-sensitive and could move the share price once more information becomes available.

Next Steps and Ongoing Disclosure

Net Pacific has pledged to make further announcements via SGXNet to update shareholders on the exact dates of its forthcoming results, AGM, and Sustainability Report.

Conclusion

Shareholders and prospective investors should regard this extension as more than a procedural matter—it reflects underlying changes and uncertainties in Net Pacific’s financial reporting, business strategy, and regulatory compliance. The outcome of the goodwill valuation and the ACRA-mandated adjustments will be crucial for understanding the true value and risk profile of the company in the coming months.

Disclaimer: This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence or consult a financial advisor before making investment decisions. The author does not represent Net Pacific Financial Holdings Limited or any related parties.

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