Deloitte resigns as auditors for Malayan Cement

KUALA LUMPUR: Malayan Cement Bhd (MCB) has received a notice in writing from Messrs. Deloitte PLT to resign as auditors of the company.

“Deloitte’s term of office will end 21 days from May 5 or the date of appointment of new auditors for the Malayan Cement, whichever is earlier, pursuant to Section 281(2) of the Act,” MCB said in a filing with Bursa Malaysia.

Deloitte was appointed as the auditors of MCB at the last annual general meeting (AGM) of the Company held on Dec 7, 2021 and was to hold office until the conclusion of the next AGM of the company.

MCB has nominated Messrs. HLB Ler Lum Chew PLT (HLB LLC) as the new auditors.

However, their appointment would only be finalised upon receiving their letter of consent to act as auditors.

“The above change of auditors from Deloitte to HLB LLC is to streamline the auditors of the company to a single audit firm, to improve and synergise the audit process and efficiency,” it said.

MCB said it currently had two sets of auditors following the completion, in September 2021, of the acquisition of the entire equity interest of 10 companies and their respective subsidiaries which are involved in cement and ready-mixed concrete businesses in Malaysia ie. the existing auditors, Deloitte and HLB LLC who are the auditors of the newly acquired companies.

“HLB LLC was proposed as they are also the existing auditors of MCB’s immediate holding company, YTL Cement Bhd, as well as MCB’s intermediate holding company, YTL Corp Bhd,” it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Malayan Cement , MCB , Deloitte , auditors


Next In Business News

China's central bank renminbi liquidity arrangement includes Malaysia
Global M&A braces for dry spell as boardrooms put expansion on hold
CPO futures market to see technical correction next week
Fed policymakers embrace more rate hikes, markets a little less
Tokyo Gas begins synthetic methane trial using green hydrogen
Bruised US stock investors brace for more pain in second half of 2022
An ‘AAA’ move?
A ‘Volcker recession’ in the making
Real stress hurts bank buybacks
Masayoshi Son’s eternal optimism

Others Also Read