TGS TW Dropouts: 13 of 19 Firms Name Replacement Auditors

Quick Answer: Adnex Group Bhd (KL:ADNEX) appointed Nexia SSY PLT as its new auditor, effective Oct 15, after TGS TW PLT resigned on Sept 1 citing an internal portfolio review. Adnex is one of 13 of the 19 firms dropped by TGS TW that have named replacements, and 11 of those 13 chose Messrs Kudos SBC PLT. Nexia SSY will hold office until the conclusion of Adnex’s next annual general meeting, which sets the timeline for shareholders.

The TGS TW auditor exodus is still unfolding on Bursa Malaysia. Of the 19 listed firms dropped by TGS TW PLT last month, 13 have now named replacements. The latest is interior design outfit Adnex Group Bhd (KL:ADNEX), which filed its change in a bourse announcement on Thursday.

Which 13 Bursa Companies Have Named TGS TW Replacements?

TGS TW auditor resignation: 13 of 19 Bursa firms have named replacements; most opted for Kudos SBC — Thirteen of the 19 firms dropped by TGS TW have named replacements.

Messrs Kudos SBC PLT is the dominant choice, with 11 of the 13 firms moving to it. The 11 companies are:

HE Group Bhd (KL:HEGROUP)
Ramssol Group Bhd (KL:RAMSSOL)
TopVision Eye Specialist Bhd (KL:TOPVISN)
SBS NExus Bhd (KL:SBS)
Hydropipes Bhd (KL:HPI)
CBH Engineering Holding Bhd (KL:CBHB)
Total Dynamic Holdings Bhd (KL:DYNAMIC)
Bentley Music Group Bhd (KL:BENTLEY)
Hiap Huat Holdings Bhd (KL:HHHCORP)
Baba Eco Group Bhd (KL:BABA)
Milolo Bhd (KL:MILOLO)

Two firms are outliers so far. TSIC Bhd (KL:TSIC) chose Kreston John and Gan, while Adnex picked Nexia SSY PLT.

TGS TW Dropouts: 13 of 19 Firms Name Replacement Auditors — Photo: TheEdge

How Did Adnex Group Replace TGS TW as Auditor?

TGS TW voluntarily resigned as Adnex’s auditor on Sept 1. It cited an internal portfolio review and resource management considerations, the same reason it gave across a series of exits in early September.

Adnex’s filing named Nexia SSY PLT as the replacement, effective Oct 15. The change took effect only after the group received Nexia SSY’s written consent to the appointment.

Which Six Companies Still Have No Replacement Auditor?

Six firms have yet to announce a replacement. Their list is below:

Manforce Group Bhd (KL:MFGROUP)
Excel Force MSC Bhd (KL:EFORCE)
Onetech Solutions Holdings Bhd (KL:1TECH)
Associated Air-Pak Industries Bhd (KL:AAI)
Verdant Solar Holdings Bhd (KL:VERDANT)
Zetrix AI Bhd (KL:ZETRIX)

Zetrix AI is the newest name on the list. Its resignation of TGS TW on Sept 28, citing the same reason, raised the total of affected companies to 19.

Why Does the Auditor Switch Matter for Adnex Shareholders?

The filing names no audit fee and no financial figures, so the change alone gives no read on Adnex’s earnings. Shareholders can instead check the notice for Adnex’s next annual general meeting, where Nexia SSY’s appointment ends.

Adnex’s audit transition is worth monitoring as a governance item on Bursa Malaysia. Investors tracking auditor changes can also pair filings with AI Stock Analysis for Malaysians.

Key Takeaways

TGS TW PLT’s exits now cover 19 Bursa Malaysia-listed companies, with Zetrix AI Bhd (KL:ZETRIX) the latest on Sept 28.
13 of the 19 have named replacements, and 11 of those 13 chose Messrs Kudos SBC PLT.
Adnex Group Bhd (KL:ADNEX) appointed Nexia SSY PLT effective Oct 15.
Six companies, including Zetrix AI, have yet to name a replacement auditor.

Disclaimer: This article is for general information only and does not constitute a recommendation to buy, sell or hold any stock. Do your own research and consult a licensed adviser before making any investment decision.

Frequently Asked Questions

Why did TGS TW PLT resign as auditor of so many Bursa companies?

TGS TW PLT cited an internal portfolio review and resource management considerations in each resignation. It made a series of exits in early September, and the total of affected Bursa Malaysia-listed companies reached 19 after Zetrix AI Bhd (KL:ZETRIX) resigned on Sept 28.

Who is the new auditor of Adnex Group Bhd?

Adnex Group Bhd (KL:ADNEX) appointed Nexia SSY PLT as its new auditor, effective Oct 15. Nexia SSY will hold office until the conclusion of Adnex’s next annual general meeting.

Which audit firm did most TGS TW clients choose?

Messrs Kudos SBC PLT was the most chosen firm, with 11 of the 13 companies that have named replacements moving to it. TSIC Bhd (KL:TSIC) chose Kreston John and Gan instead.

How many Bursa companies still have no replacement auditor?

Six companies have yet to announce a replacement auditor. They are Manforce Group Bhd (KL:MFGROUP), Excel Force MSC Bhd (KL:EFORCE), Onetech Solutions Holdings Bhd (KL:1TECH), Associated Air-Pak Industries Bhd (KL:AAI), Verdant Solar Holdings Bhd (KL:VERDANT) and Zetrix AI Bhd (KL:ZETRIX).

Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.