KUALA LUMPUR (July 25): Wood products manufacturer Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, has appointed Parker Russell to conduct an independent review on its audited financial statements for the 18 months ended June 30, 2023.
The independent assessment was initiated after it fell into Practice Note 17 (PN17) status on May 8 this year as its external auditor Messrs SBY Partners PLT (SBY) issued an opinion on its financial statements.
SBY said that it was unable to obtain sufficient evidence on the existence, completeness, accuracy and valuation of the group’s intangible assets that amounted to RM153.62 million, among others.
In a filing on Thursday, Annum said that Park Russel will conduct the independent assessment to review its disposed subsidiaries, revenue and cost of sales recognition, security fee and factory maintenance fees, smart agriculture system, intangible assets as well as land and building valuation.
“Parker Russell shall commence their fieldwork at the end of July 2024 and is expected to complete the independent review tentatively by the end of September 2024,” Annum said.
Shares of Annum, which resumed trading on May 9 after being suspended since November last year, finished half a sen or 5.26% higher at 10 sen on Thursday, valuing the company at RM21.61 million.