KUALA LUMPUR (Feb 10): Messrs CAS Malaysia PLT has today resigned as external auditor of both Key ASIC Bhd and UCrest Bhd, as the parties were unable to “reach a consensus on the proposed audit fees” for the financial year ending May 31, 2021.

The resignation of the auditor was on a “voluntary basis”, both companies said in separate filings to the stock exchange today. CAS Malaysia's term of office as their respective external auditor will end in 21 days.   

The boards of Key ASIC and UCrest further said they were “not aware of any matters that need to be brought to the attention of the shareholders” of the companies, adding they will appoint another audit firm as their new auditors.

The largest shareholder and chairman of both Key ASIC and UCrest is Eg Kah Yee. Eg holds a direct 18.94% stake in UCrest, and a total of 28.22% in Key ASIC, of which 28.09% is indirectly held via Key Aim Group Ltd.

On the same day, Kanger International Bhd appointed CAS Malaysia as its external auditor with immediate effect. Kanger announced last month that its previous auditor Messrs Ong & Wong had resigned due to cost and pricing issues.

Shares of Key ASIC were half a sen or 5% lower at 9.5 sen today, valuing it at RM111.45 million. Some 2.89 million shares were traded.

UCrest’s shares closed unchanged at 15 sen today, giving it a market capitalisation of RM84.87 million. Some 1.57 million shares were done.

Kanger’s shares were down one sen or 8.7% at 10.5 sen, valuing the company at RM242.87 million. Some 45.73 million shares were traded, which placed it among the top 20 most actively-traded counters today.