In a bourse filing, the group said it received KPMG’s notice in writing dated Sept 9, 2024 on its resignation.

One of the Big 4 global audit firms, KPMG was reappointed as the company’s auditor at its annual general meeting on May 30 this year.

Bina Darulaman said KPMG’s resignation was based on “mutual consent to enable the company to benefit from fresh perspectives and views of another audit firm”.

To replace KPMG, it said its board had approved the appointment of BDO PLT as its auditor for the financial year ending Dec 31, 2024 (FY2024).

Kedah State Development Corporation (PKNK) had a 60.7% stake in the group as of Feb 29, 2024. Apart from PKNK, the company does not have any other substantial shareholders.

Main Market-listed Bina Darulaman is primarily involved in property development, engineering and construction, leisure and hospitality, and renewable energy.

Its net profit for the year ended Dec 31, 2023 (FY2023) more than doubled to RM12.67 million from RM5.59 million a year ago. Revenue for the year rose 36.6% to RM316.12 million from RM231.37 million.

The higher revenue was attributed to improvements made by construction activities and completion of initiatives from the property division.

For KPMG, this has been a rather eventful week as this is the second listed company from which it has resigned as auditor.

On Tuesday, semiconductor assembly and test firm Globetronics Technology Bhd announced KPMG PLT had resigned as its external auditor on a “voluntary basis”.

On the back of the news, Globetronics tumbled as much as 32.5%, resulting in the suspension of intraday short selling on the stock.

However, the news of KPMG’s resignation had little impact on Bina Darulaman’s share price. At the time of writing, its shares were down 1.5 sen or 4.8% at 30 sen, valuing the group at only RM89.7 million.