KUALA LUMPUR (March 28): Selangor state-linked Kumpulan Perangsang Selangor Bhd (KL:KPS) has proposed to change its auditor to Messrs Ernst & Young Consulting Sdn Bhd (EY) for the financial year ending Dec 31, 2025 (FY2025), replacing its retiring auditor Messrs BDO PLT (BDO).

In a bourse filing on Friday, the company said BDO, which has served KPS since 2018, will not seek re-appointment as its external auditor at KPS’ forthcoming 48th annual general meeting (AGM). BDO will remain as KPS ’external auditor until the conclusion of the 48th AGM.

KPS believes the rotating auditors after an appropriate period of time is a sound corporate practice. It is proposing the change after taking into consideration the independence, capabilities, audit team, and proposed audit fees of EY. The proposed change of external auditors will be presented for approval at the 48th AGM.

The company has confirmed that there are no matters related to BDO’s cessation of office that need to be brought to the attention of the shareholders of the company, the bourse filing said.

KPS is an investment holding company under the industrial products and services sector, with core investments in the manufacturing, trading and infrastructure sectors.

The company has approximately 3,500 team members and 18 manufacturing plants in four countries — Malaysia, Indonesia, People’s Republic of China, and Vietnam.

At midday break on Friday, KPS’ share price rose by a sen or 1.6% at 63.5 sen, giving the group a market capitalisation of RM341.2 million.