Axington proposes change of auditors

AXINGTON has proposed to change its auditor to Messrs Foo Kon Tan (FKT), following the resignation of its current auditor, Nexia.

In a regulatory filing on Tuesday, the group said FKT has given consent to act as auditors as at Tuesday, subject to its appointment being approved by shareholders at the extraordinary general meeting (EGM) to be convened in relation to the proposed change of auditors "in due course".

Nexia's resignation will take effect only upon the appointment of FKT, after which FKT will hold office until the conclusion of Axington's next annual general meeting.

The group said that a circular setting out the reasons and rationale for the appointment of the new auditors, together with a notice of an EGM, will be despatched to shareholders in due course.

Formerly a professional-services group, Axington has run into various difficulties since Nelson Loh and Terence Loh acquired control of the company last year. The Lohs have faced scrutiny over multiple business dealings after it emerged that one of the companies they controlled had been circulating inaccurate marketing materials.