KUALA LUMPUR (June 19): Malaysia Pacific Corp Bhd (MPCB) has appointed UHY to conduct a special audit on the property developer following queries from shareholders and regulators on the company.

In an announcement to Bursa Malaysia, MPCB (fundamental: N/A; valuation: N/A) said UHY’s appointment was due to issues raised by minority shareholders and Bursa Malaysia during MPCB's annual general meeting in December last year.

UHY is also auditing MPCB following a disclaimer of opinion issued by MPCB's former auditors on the company's audited financial statements for the year ended June 30, 2014.

"The special audit is estimated to take approximately eight weeks from the date of commencement (June 18)," MPCB said.

UHY’s work scope includes reviews on MPCB directors' fees, and concerns raised on the former chief executive officer of the company.

MPCB said UHY had also been tasked "to review and obtain detailed analysis of the significant payments and expenses procured by the company".

At 11am, MPCB shares traded flat at 19 sen for a market capitalisation of RM54.7 million. The stock saw thin trades of 6,000 shares.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)