KUALA LUMPUR (Dec 30): STYL Associates PLT has resigned as the auditor of G Capital Bhd, effective today.

This is the latest company listed on Bursa Malaysia that has announced the resignation of its auditor this month.

In a filing with the bourse, loss-making G Capital said it received a notice in writing for the auditor's voluntary resignation, with the latter citing the unavailability of resources to manage the engagement.

"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.

"The company has identified Messrs UHY (AF 1411) as the replacement auditors. However, the appointment can only be finalised upon receiving the letter of consent to act as auditors of the company," said the group.

Last week, Asia Media Group Bhd, whose founder Datuk Ricky Wong has gone missing following allegations of money laundering, also saw the departure of STYL Associates as its auditor, due to manpower issues.

It is noted that there has also been a spate of auditor resignations this month, including Jamal, Amin & Partners' resignation as the external auditor of DGB Asia Bhd, INIX Technologies Holdings Bhd, as well as SMTrack Bhd, also due to manpower issues.

Meanwhile, PKF Malaysia voluntarily resigned as the auditor of Fintec Global Bhd, citing resources constraints as well.

G Capital's share price has had two roller coaster rides this year. The first nail-biting ride was in mid-July, when the stock shot up from 56 sen to RM1.27 on Aug 10. A month later, it fell to 54.5 sen on Sept 10.

About two months later, the stock climbed from 69 sen on Nov 19 to RM1.33 on Dec 8. The rally lost steam, sliding to 81.5 sen on Dec 22. The counter closed at RM1.04, giving a market capitalisation of RM317.92 million.