KUALA LUMPUR (April 24): Key Asic Bhd (KL:KEYASIC) and UCrest Bhd (KL:UCREST) have appointed Morison LC PLT as their new external auditor for the financial year ending May 31, 2025, following the resignation of UHY Malaysia PLT.
In separate filings to Bursa Malaysia on Thursday, Key Asic and UCrest said their boards had approved the appointment of Morison after recommendations from their respective audit committees.
The two companies added, however, that Morison's appointment is subject to the conclusion of UHY’s term, which will be 21 days after the firm's voluntary resignation on Wednesday.
Key Asic and UCrest share the same largest shareholder and chairman, Eg Keh Yee, who holds a 23.42% stake in Key Asic and a 12.27% stake in UCrest.
On Thursday, shares in Key Asic closed half a sen or 12.5% lower at 3.5 sen, giving the company a market capitalisation of RM49 million. UCrest rose half a sen or 5% to 10 sen, valuing the company at RM78.10 million.