KUALA LUMPUR (Nov 16): Integrated poultry player DBE Gurney Resources Bhd announced today that its external auditors have resigned with immediate effect, as they are short of resources.

In an exchange filing, the company said it had received a notice in writing on Nov 16 from the auditor Messrs Afrizan Tarmili Khairul Azhar, on their voluntary resignation due to “unavailability of resources”. 

But it said the auditors had also resigned, as the company could not reach a consensus on the proposed audit fees for the financial year ending Dec 31, 2018 (FY18).

Save for the above reasons, DBE Gurney said its board is unaware of any matters that have to be brought to its shareholders’ attention, and that further announcements will be made once the nomination of new auditors is finalised.

Last month, the company announced a slew of boardroom changes that saw its non-executive director Datuk Doh Tee Leong re-designated as the company’s chairman, following the resignation of 64 year-old Datuk Ding Chong Chow. 

Ding resigned after 17 years at the helm “to pursue and devote more time for other personal interests”. This was after a takeover offer was triggered by DBE Guerney’s largest shareholder Doh Properties Holdings Sdn Bhd in September. 

Doh Properties — controlled by the Doh family, namely Datuk Doh Tee Leong (30%), Datuk Doh Jee Ming (30%), Datuk Doh Jee Chai (30%), Datuk Doh Neng Chiong (5%) and Datin Lee Hong King (5%) — had offered to acquire the remaining shares in the company at 3.5 sen apiece or a total of RM62.79 million, after it had increased its shareholding to 33.02%, from 32.89%, through open market acquisitions. 

However, on Oct 15, Doh Properties and parties acting in concert, held only about 38.34% of the voting shares of DBE Gurney at the closing time for the offer, shy of the 50% acceptance condition. Doh Properties will therefore be returning all DBE shares and warrants acquired under its conditional mandatory takeover offer.

Shares of DBE Gurney closed unchanged today at three sen, valuing the company at RM80.35 million.