Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 26): The largest shareholder of China Ouhua Winery Holdings Ltd, Hua Xin International Holdings Ltd, has proposed the appointment of Singapore audit firm UHY Lee Seng Chan & Co as auditor of the company for the financial year ending Dec 31, 2017 (FY17).

In a filing with Bursa Malaysia today, China Ouhua said it received the notice of nomination from Hua Xin on the same day.

Hua Xin also proposed in the notice that UHY holds office as auditor until the conclusion of the company's next annual general meeting.

The proposed auditor's appointment is subject to approval of China Ouhua shareholders at an extraordinary general meeting to be convened.

On June 19, China Ouhua announced that Singapore audit firm Helmi Talib & Co (HTC) had withdrawn its consent to be re-appointed as auditor of China Ouhua, and cited the audit firm as saying that it did not satisfy the criteria for Recognition of Foreign Auditors, which requires a foreign audit firm to be an internationally affiliated network firm.

Prior to that, HTC had, on April 20, expressed a qualified opinion on several key audit matters in the company's audited financial statements for FY16. It was also the fourth consecutive financial year that the China-based winery's external auditor has expressed a qualified opinion on its financial statements.

China Ouhua, which was incorporated in Singapore in 2009, owns 95% equity in Yantai Fazenda Ouhua Winery Co Ltd, which is involved in the brewing, bottling, sales and distribution of grape wines in China.

China Ouhua shares closed unchanged at 4 sen today, giving it a market capitalisation of RM26.72 million. Year to date, the stock has climbed some 33%.

 

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