Jitra Construction: Has served for 10 years. PwC's resignation is in compliance with normal procedures.

Kedah Construction today announced that KPMG resigned after serving as the external auditor for 10 years from 2014 to 2023 fiscal year, effective from September 9th this year, in accordance with regular regulatory practices.

The board of directors emphasized that KPMG has not audited the financial reports for this year, so 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 its appointment upon completion of the formal documents.

"The board of directors expresses gratitude for KPMG's service and looks forward to maintaining a good cooperative relationship during this transition period."

The board of directors also emphasized that this transition will not affect the company's operation, and the group will continue to focus on business and ensure compliance with all regulatory requirements.

"The board of directors is confident that the replacement of the external auditor will ensure a smooth continuation of the financial reporting process and will benefit from a new perspective brought by another audit company."

"Kedah Construction and the board of directors will continue to adhere to the highest standards of corporate governance and follow the guidance in the '2021 Malaysian Code of Corporate Governance' (MCCG 2021)."

Reviewing earlier reports, Kedah Construction announced on September 13 that it received a written notice from KPMG on September 9 to resign from the position of the company's auditor.

According to the press release, 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 falling deeper over the past three months, dropping 29% from 41.5 cents on July 19 to date.