KUALA LUMPUR (Nov 20): China Automobile Parts Holdings Ltd (CAP) announced that its external auditors Messrs BDO have tendered their resignation; as such the group has nominated Messrs PKF as its successor.

In a filing with Bursa Malaysia, the automobile parts maker said BDO notified the group of its wish to resign as the CAP's auditors for the financial year ending Dec 31, 2015 (FY15) vide a letter dated today.

The filing did not state the reason that led to BDO's resignation, but noted that BDO will remain the group's auditors until its successor has been appointed.

Meanwhile, the appointment of PKF as its new auditors will be subject to the approval of CAP's shareholders.

"A circular to shareholders containing details of the proposed appointment of auditors in place of resigning auditors will be sent to the shareholders of the company in due course," the group said.

CAP shares closed 0.5 sen or 5.56% lower at 8.5 sen today, giving it a market capitalisation of RM104.5 million. The counter, which peaked at 26 sen on May 20, has declined about 36% year to date.

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