The Board of Directors of Sanichi wishes to announce that the Company has received notice in writing dated 15 May 2014 from the auditors, Messrs Hasnan THL Wong & Partners (AF 0942) on 23 May 2014 of their intention to resign as the Auditors of the Company. Messrs Hasnan THL Wong & Partners are resigning as auditors of the Company as they have decided not to renew their registration with the Audit Oversight Board ("AOB") when it expires shortly. Without the AOB registration, Messrs Hasnan THL Wong & Partners would not be able to undertake the audit of Sanichi. Their resignation will only take effect immediately on the appointment of new auditors pursuant to Section 172(15) of the Companies Act, 1965.
On 28 May 2014, the Company received a notice of nomination from Mr Herbert Tucakovic, a shareholder of the Company nominating Messrs Baker Tilly Monteiro Heng (AF 0117) as the Auditors of the Company for the financial year ending 30 June 2014 in place of the resigning Auditors, Messrs Hasnan THL Wong & Partners ("Proposed Change of Auditors").
The Proposed Change of Auditors is subject to and conditional upon approval to be obtained from the shareholders at an Extraordinary General Meeting (EGM) to be convened.
A circular containing the details of the Proposed Change of Auditors together with the Notice of EGM will be despatched to the shareholders of the Company in due course.
This announcement is dated 28 May 2014.