The Board of Directors (“the Board”) of Powerwell Holdings Berhad ("Powerwell" or the "Company") wishes to announce that the Company had on 11 September 2020, received a notice in writing given pursuant to Section 281 of the Companies Act 2016 ("Act") from Folks DFK & Co ("DFK") on their resignation as Auditors of the Company.

The end of DFK's term of office shall be twenty one (21) days from 11 September 2020 pursuant to Section 281(2) of the Act.

DFK who had been the Auditors of the Company, were re-appointed as the Auditors of the Company at the last annual general meeting (“AGM”) of the Company held on 22 June 2020 to hold office until the conclusion of the next AGM of the Company. 

The Board wishes to inform that the Company is not aware of any issues, concerns or disagreements that need to be brought to the attention of the shareholders of the Company. 

The Company has identified Messrs. BDO PLT as the new Auditor. However, their appointment would only be finalised upon the receiving their written consent to act as Auditors of the Company pursuant to Section 264(5) of the Act. 

Further announcement on the appointment of new Auditor will be made by the Company once the appointment of new Auditor has been finalised by the Board. 

This announcement is dated 11 September 2020.