“Annum Bhd appoints LTTH PLT as its new auditor amid ongoing PN17 regularisation efforts. The move follows challenges with previous auditors and delays in financial reporting.“
Kuala Lumpur, 09th Jan 2025, 12.23pm – Practice Note 17 (PN17) company Annum Bhd has appointed Messrs LTTH PLT as its new auditor, effective Wednesday. The firm will serve until the conclusion of Annum’s next annual general meeting, according to the company’s filing with Bursa Malaysia.
This appointment comes after the retirement of its previous auditor, Messrs SBY Partners PLT, following the 25th annual general meeting on June 21, 2024. SBY had earlier issued a disclaimer of opinion on Annum’s audited financial statements for the 18 months ending June 30, 2023, citing insufficient evidence to verify certain group assets. This triggered Annum’s PN17 classification.
In response, Annum engaged Parker Russell to conduct an independent review, which validated the ownership, existence, and accuracy of the disputed assets. The company now has approximately four months to submit its regularisation plan to Bursa Malaysia.
Annum previously struggled to meet its reporting obligations. It delayed issuing its FY2023 annual report—initially due October 31, 2023—until May 8, 2024. The delay stemmed from challenges in securing an auditor after approaching 31 potential candidates. While SBY was eventually appointed on March 29, 2024, the firm could not fully verify Annum’s financials, leading to a disclaimer of opinion and missed deadlines.
The company also faced a show-cause notice from Bursa Malaysia for failing to issue its annual report on time, narrowly avoiding delisting after submitting a written explanation to the regulator.
Annum’s shares last traded at 6.5 sen on Tuesday, valuing the company at RM13.56 million. As the company works to finalise its regularisation plan, the new auditor’s appointment marks a critical step in its path to compliance and recovery.
