YuuZoo Networks Group's independent auditors resign after not being re-appointed

YUUZOO Networks Group's independent auditors RT LLP have resigned, as the resolution to re-appoint the audit firm was not passed at the annual general meeting (AGM) on Oct 26.

THE online media company, in a filing with Singapore Exchange on Nov 13, announced that it has received a resignation letter from RT LLP. The audit firm failed to have its re-appointment supported by shareholders at YuuZoo's recent AGM.

YuuZoo said that it is currently in the process of reviewing and considering the respective credentials, services and fee proposals from various audit firms. Once it has selected the new auditors, approval will be sought from shareholders to appoint the new auditors; and a circular setting out further details on the proposed change of auditors, together with the notice of a special general meeting, will be despatched to shareholders.

The company will update shareholders on any material developments on this matter.

Its losses for the second quarter ended June narrowed to S$1.94 million from S$7.86 million, despite revenue that more than tripled from S$1.4 million to S$4.87 million.

Trading has been suspended since March.