Jitra Construction: Resignation of KPMG after a 10-year term is in line with normal procedures.

Kedah Construction has issued a statement today stating that KPMG has resigned after serving as their external auditor for 10 years from 2014 to the 2023 fiscal year. This is done in accordance with regular regulatory practices and will be effective on September 9th of this year.

The Board emphasizes that KPMG has not audited the financial reports for this year, therefore this transition will not affect the financial integrity of Kedah Construction.

Currently, Kedah Construction has preliminarily selected BDO PLT as the new auditor and will confirm their appointment upon completion of the formal documents.

The Board expresses gratitude for KPMG's services and looks forward to maintaining a good working relationship during this transition period.

The Board also emphasizes that this transition will not affect the company's operations. The group will continue to focus on its business and ensure compliance with all regulatory requirements.

The Board is confident that the replacement of the external auditor will ensure a smooth continuation of the financial reporting process and bring new perspectives from another audit firm to benefit the company.

Kedah Construction and the Board will continue to strive for adherence to the highest standards of corporate governance and follow the guidelines in the Malaysian Code on Corporate Governance 2021 (MCCG 2021).

Referring to previous reports, Kedah Construction announced on September 13 that it had received a written notice from KPMG on September 9, resigning from the position of company auditor.

According to the announcement, KPMG was reappointed as the external auditor of Kedah Construction at the shareholders' meeting held on May 30 this year.

Kedah Construction's stock price has been plummeting in the past 3 months, from 41.5 cents on July 19 to a 29% decline today.