KUALA LUMPUR (Feb 14): Ernst & Young (EY) has voluntarily resigned as the auditor of Land & General Bhd (L&G) due to a disagreement over audit fees and related costs.

“The company has identified KPMG PLT as the replacement auditor. However, their appointment would only be formalised upon receiving their letter of consent to act as auditor of the company,” L&G said said in a stock exchange filing.

The group added that it is not aware of any other matters that need to be brought to the attention of their shareholders.

“Further announcement on the proposed change of auditor will be made by the company in due course,” it said.

Shares in L&G closed up 0.5 sen or 3.33% at 15.5 sen today, leaving the group with a market capitalisation of RM460.84 million.