KUALA LUMPUR (Dec 10): PricewaterhouseCoopers PLT (PwC) has resigned as the external auditors of undergarments manufacturer Caely Holdings Bhd.

Caely said PwC was reappointed as the auditors of the company during the annual general meeting (AGM) held on Sept 20 until the conclusion of the next AGM.

However, it said it received a notice of resignation from PwC on Dec 7, with the resignation to take effect 21 days later.

"The resignation of PwC is on voluntary basis as the company could not reach consensus on the proposed increase to the audit fees and cost for the financial year ending March 31, 2019," said Caely in a filing with Bursa Malaysia today.

Moving forward, the Teluk Intan-based group said it has identified PKF Malaysia to replace PwC as Caely's external auditors.

"However, their appointment can only be finalised upon receiving their letter of consent to act as auditors of the company," it added.

Shares of Caely closed unchanged today at RM1.06 with a market capitalisation of RM85.87 million.