| PwC | | | | The Company, the Audit Committee and PwC had multiple discussions in relation to the information and documentation required for the audit of the annual results for the financial year ended 31 December 2024. Although the Company had used all its reasonable endeavours to satisfy the requests, the Company was concerned that the timeline proposed by the Company for publishing the annual results for the financial year ended 31 December 2024 may not be met. After considering the facts and circumstances, the management of the Company proposed to the Audit Committee the removal of PwC as auditors. The Audit Committee reviewed the management’s proposal and after evaluating all relevant information, the Audit Committee agreed with the management’s proposal and recommended that the Board seek shareholder approval for the Proposed Removal. The Board is of the view that the Proposed Removal of PwC, together with the Proposed Appointment of EY, will enable the Company to continue to maintain audit quality and at the same time fulfill the timeline, and thus it is in the interests of the Company and the Shareholders as a whole.
PwC subsequently issued a letter disagreeing with the reason given by the company; see announcement for copy of the letter. |
