Monday 27 May 2024
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KUALA LUMPUR (Oct 21): Mudajaya Group Bhd said KPMG PLT has voluntarily resigned as the group's external auditor to make way for Deloitte PLT Malaysia.

The change in auditor came after the construction group's shareholders on Thursday (Oct 20) approved its acquisition of China-based cement and clinker manufacturer and trader Real Jade Ltd.

Mudajaya explained that as Real Jade will be a significant contributor to its future results, the group decided to appoint the firm auditing Real Jade — Deloitte — as its new external auditor to achieve time and cost efficiencies.

In a Bursa Malaysia filing on Friday (Oct 21), the group said its board had approved the appointment of Deloitte after assessing the firm's capabilities, independence and proposed audit fees.

Mudajaya, via its indirect wholly owned subsidiary Xelmont Ltd, is buying Real Jade from Minyi Holdings Ltd for RM224.32 million, to expand its construction materials manufacturing business in China.

Shares of Mudajaya ended half a sen or 3.13% higher at 16.5 sen on Friday, giving the group a market capitalisation of RM207.43 million.

Edited ByS Kanagaraju
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