KPMG, one of the Big Four global audit firms, has stepped down as the external auditor of Kedah state-owned Bina Darulaman Bhd, just four months after being reappointed. The company disclosed KPMG’s resignation in a bourse filing, citing a written notice dated Sept 9, 2024.
KPMG was reappointed as the auditor at Bina Darulaman’s annual general meeting on May 30, 2024.
According to the group, the resignation was reached through mutual consent, allowing Bina Darulaman to gain “fresh perspectives” from a new audit firm.
Bina Darulaman’s board has approved the appointment of BDO PLT as the new auditor for the financial year ending Dec 31, 2024 (FY2024).
The company, primarily involved in property development, construction, hospitality, and renewable energy, is majority-owned by Kedah State Development Corporation (PKNK), which holds a 60.7% stake.
In its latest financial report for FY2023, Bina Darulaman’s net profit more than doubled to RM12.67 mil, with revenue increasing by 36.6% to RM316.12 mil. The improved performance was attributed to strong construction activities and completed initiatives in its property division.
KPMG’s resignation from Bina Darulaman follows its recent exit from another listed firm, Globetronics Technology Bhd, earlier this week.
Globetronics’ share price plunged by as much as 32.5% on the news, triggering the suspension of intraday short selling. However, Bina Darulaman’s share price remained relatively unaffected, dipping by just 1.5 sen, or 4.8%, to 30 sen at the time of writing, with a market value of RM89.7 mil. – Sept 13, 2024
Main photo credit: CoinDesk
