KUALA LUMPUR (June 3) :  Pimpinan Ehsan Bhd (PEB) today announced its auditor, Messrs BDO PLT (BDO), has voluntarily resigned and the group has recommended the appointment of Messrs Crowe Malaysia PLT as its new auditor.

The group added that the auditor’s recommendation will be tabled during the forthcoming 5th Annual General Meeting on June 24.

PEB said it received a notice of resignation in writing dated May 31 from BDO on June 2.

BDO was re-appointed as the auditors in the previous EGM held in June last year to hold office until the conclusion of the next AGM of the company held in 2021, according to the filing.

“Save for the above, the board is not aware of any matters that need to be brought to the attention of the shareholders of the company,” it said.

The company is in the thick of corporate exercises.

PEB recently announced the proposed acquisition of a renewable energy (RE) company reNIKOLA Holdings Sdn Bhd for RM373 million.

In a filing dated May 24, it said the proposed acquisition will be satisfied by issuance of new PEB shares at RM1.07 per share. Its share price closed at RM1.47 today, valuing the company at RM102 million.

The proposed acquisition is subject to the obtaining of approvals from the Securities Commission Malaysia, the Ministry of International Trade and Industry, the Energy Commission, Tenaga Nasional Bhd, Bursa Malaysia as well as PEB’s non-interested shareholders.

It expects to complete the acquisition by the first quarter of 2022.

Prior to the proposed acquisition, a new shareholder Pitahaya (M) Sdn Bhd emerged in the company.  Pitahaya and the persons acting in concert acquired a 65.5% stake in the company; subsequently it launched a mandatory general offer at RM1.07 per share. However, the company’s share price shot above the offer. It was last traded at RM1.75 on the closing date of the offer.

PEB has been classified as a cash-rich company since the financial year ended Dec 31, 2018 (FY18) after taking over the listing status of Triplc Bhd and selling off the construction outfit to Puncak Niaga Holdings Bhd.

As at end-March, PEB's net assets per share was RM1. Cash and bank balances stood at RM69.36 million against current liabilities of RM784,348.

Shares in PEB dropped two sen or 1.34% to RM1.47, giving it a market capitalisation of RM101.6 million.