BEST World International - the fresh target of a shortseller that probed the accounting behind the skincare product seller's profits and its sales practices - has been granted approval by the Singapore Exchange's regulatory arm to get more time to hold its annual general meeting .
Best World had hired PwC to assess the franchise model that it adopted in China last year. According to Best World's announcement on April 17 this year, the review is to be completed by June 2019. Since this is a condition behind the waiver approval, Best World must update shareholders if the review report is not completed by the deadline.
Bonitas referred to the BT report published on Feb 18, headlined"Sales of DR's Secret in China: Best World's best-kept secret?". Best World sells its DR's Secret line of skincare products in China, the firm's biggest market. It questioned whether the reviews were authentic:"Not only did we find repetitive/sequential reviews from the same accounts ... but also calculated a six times acceleration in the number of reviews generated after, versus before, the BT article was published."
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