PETALING JAYA: Tech firm Globetronics Technology Bhd
has emphasised that there will be no impact to its operations, following the resignation of its auditors, Messrs KPMG PLT.
Intraday short-selling in both Globetronics and its substantial shareholder APB Resources Bhd were both suspended following the steep sell-off in the shares of both companies.
Notably, Globetronics, which was the most active stock, fell 26 sen or 32.5% to close at 54 sen, while APB Resources, which owns a 10.36% stake in Globetronics, dropped six sen or 4.41% to RM1.30.
APB had acquired 70 million in Globetronics shares for RM140mil, or RM2 per share, in February—already a premium over the RM1.50 trading range at that time.
In a statement, Globetronics said it had received a written notice dated Sept 4 from Messrs KPMG PLT, expressing their voluntary resignation as auditors of the company.
“Pursuant to Section 281(2) of the Companies Act, 2016, KPMG PLT’s resignation will take effect 21 days after the notice, namely on Sept 25, 2024.
“This change is in line with the group's new strategic direction, influenced by newly emerged shareholders and management.
Globetronics said this transition will not have an impact on its operations.
“The group remains focused on its business activities and will continue to meet all regulatory obligations during this period.
“The board is confident that this change in auditors will ensure seamless continuity in the financial reporting process.”
Globetronics said it remains committed to maintaining strong corporate governance and transparency for the benefit of all stakeholders.
"We extend our gratitude to KPMG for their long service and look forward to maintaining a positive relationship as we transition. It is important to note that the financial reports so far have not been audited by KPMG for this year, ensuring there is no impact on our financial integrity from this transition.
“We are actively enhancing our auditing processes to meet the highest standards of accuracy and transparency. Subsequently, we have shortlisted UHY Malaysia as our new auditor, pending the completion of official documentation to formalise the appointment and ensure consistency with our strategic objectives.
