Globetronics Technology Bhd has provided reassurance to investors that its operations will remain unaffected following the resignation of its auditors, KPMG PLT.

The company’s share price experienced a steep decline of 32.5%, closing at 54 sen, while its substantial shareholder, APB Resources Bhd, also saw a drop in its stock price.

APB Resources holds a 10.36% stake in Globetronics and had acquired shares at a premium earlier this year.

KPMG PLT’s resignation, which will take effect on September 25, 2024, aligns with Globetronics’ strategic realignment influenced by new shareholders and management.

In response to the resignation, Globetronics stated that the transition will not disrupt its business operations.

“The group remains focused on its business activities and will continue to meet all regulatory obligations during this period,” the company affirmed.

The board expressed confidence that the change in auditors would ensure continuity in the financial reporting process.

The company is also in the process of appointing UHY Malaysia as its new auditor to maintain high standards of financial accuracy and transparency.

Globetronics has extended its gratitude to KPMG for their long service and aims to preserve a positive relationship during this transition.

The firm stated that its financial reports for this year were not yet audited by KPMG, ensuring no impact on its financial integrity from the transition. –TMR