Thursday 05 Dec 2024
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KUALA LUMPUR (Sept 21): A substantial shareholder of K-Star Sports Ltd has proposed a new firm of external auditors for the China-based sports shoe maker after the previous firm withdrew.

In a bourse filing today, K-Star Sports said it received a notice from substantial shareholder K-Star Sports International Ltd for the appointment of UHY Lee Seng Chan & Co as the auditors for the current financial year ending Dec 31, 2017 (FY17).

The shareholder proposed that UHY Lee holds office until the conclusion of the next annual general meeting (AGM) of K-Star.

“The proposed change of auditors is subject to the approval of the shareholders of K-Star at an extraordinary general meeting to be convened,” said K-Star.

On June 16, K-Star announced that its existing external auditors, Helmi Talib & Co, wished to withdraw its consent for re-appointment at K-Star’s AGM on June 23.

Helmi Talib had said that after discussing with the Audit Oversight Board of the Securities Commission Malaysia, it concluded that it does not satisfy the criteria for recognition of foreign auditors which require foreign audit firm to be an internationally-affiliated network firm.

K-Star’s share price closed unchanged at 7 sen today, giving it a market capitalisation of RM20.51 million.

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