CN Asia MD to seek removal of company auditors

PETALING JAYA: CN Asia Corporation Bhd (CNA) managing director and substantial shareholder, Ho Cheng San, has given special notice to the company to convene an EGM to remove Messrs SJ Grant Thornto in favour of Messrs Kreston John & Gan as new auditors of the company.
Ho, holding in aggregate of not less than 10% of the voting shares of the company, gave the notice to CNA on Dec 10.
CNA said the proposals are subject to and conditional upon approval being obtained from the shareholders at an EGM to be convened.
“A circular to shareholders containing details of the proposals together with the notice of EGM will be despatched to the shareholders of CN Asia in due course,” it said.
In June this year, Bursa Malaysia Securities Bhd said CNA, a petroleum storage tank maker, had triggered criteria pursuant to PN17 due to its financial standing for the financial year ended Dec 31, 2014.
CNA’s auditors expressed concern on its ability to continue as a going concern as the shareholders’ equity of CNA on a consolidated basis is 50% or less than the issued and paid-up capital (excluding treasury shares).
The company has six months to submit a regularisation plan to Bursa Malaysia, failing which it risks de-listing and suspension of trading of shares.
CNA manufactures underground and aboveground storage tanks for the petroleum and general process industries; dish heads and provision of plate rolling services for food and beverage, petrochemical, energy and heavy engineering industries worldwide and transportation equipment such as tankers. It also provides engineering, procurement and construction (EPC) services.