KUALA LUMPUR (May 5): Malayan Cement Bhd said Messrs Deloitte PLT has resigned as the group's auditor.

In a filing on Thursday (May 5), Malayan Cement said it has received notice in writing of Deloitte's decision to resign and added that the auditor's term of office will end 21 days from Thursday (May 5) or the appointment date of new auditor.

"Deloitte was appointed as the auditor of Malayan Cement at the last annual general meeting (AGM) of the company held on Dec 7, 2021, and was to hold office until the conclusion of the next AGM of the company," it noted.

Meanwhile, Malayan Cement said it has nominated Messrs HLB Ler Lum Chew PLT (HLB LLC) as its new auditor, but added that the appointment would only be finalised when the company receives their letter of consent to act as auditor.

"The above change of auditor from Deloitte to HLB LLC is to streamline the auditor of the company to a single audit firm, to improve and synergise the audit process and efficiency.

"Currently, the group has two sets of auditors following the completion, in September 2021, of the acquisition to the entire equity interest of 10 companies and their respective subsidiaries which are involved in cement and ready-mixed concrete businesses in Malaysia, i.e. the existing auditors, Deloitte and HLB LLC who are the auditors of the newly acquired companies," it added.

Additionally, Malayan Cement said HLB LLC has been proposed as its new auditor as the latter is also the existing auditor of Malayan Cement's immediate holding company YTL Cement Bhd, as well as its intermediate holding company YTL Corp Bhd.

Malayan Cement's share price closed seven sen or 2.53% higher at RM2.84 on Thursday, giving the group a market capitalisation of RM3.72 billion.