KUALA LUMPUR (Sept 8): Deloitte PLT has voluntarily resigned as the external auditor for Lion Industries Corp Bhd and Lion Posim Bhd.

The two companies said in separate Bursa Malaysia filings that they received a written notice on the matter from Deloitte on Thursday (Sept 8).

They said Deloitte has been their auditor for more than 25 years and they consider the change of auditor to be in line with good governance of upholding higher levels of independence in view of the long engagement with Deloitte.

"The resignation of Deloitte, which is on a voluntary basis, shall be effective 21 days from the date of the notice of resignation or the date of the company's appointment of another auditor for the company, whichever is the earlier," said the companies.

An announcement on the appointment of a new auditor will be made, once the appointment is finalised by both companies, they added.

Lion Industries had a direct stake of 19.81% in Lion Posim as at March 31, according to Lion Posim's annual report.

Lion Posim was formerly known as Lion Forest Industries Bhd.

At the closing bell on Thursday, Lion Industries' shares were unchanged at 32 sen, valuing the company at RM226.25 million. Lion Posim also finished unchanged at 42 sen, with a market capitalisation of RM97.26 million.