The Board of Directors of Marine & General Berhad (“M&G” or “the Company”) wishes to announce that the Company had on 13 February 2023 received a notice in writing dated 9 February 2023 given pursuant to Section 281(1) of the Companies Act 2016 (“CA 2016”) from Messrs. KPMG PLT (“KPMG”) on their resignation as Auditors of the Company. Pursuant to Section 281(2) of the CA 2016, KPMG’s term of office will end on 9 February 2023. The resignation of KPMG is a voluntary resignation as the Company and KPMG could not reach a consensus on the proposed increase in audit fees in relation to the financial statements for the financial year ending 30 April 2023 of the Company and its subsidiaries.

KPMG was previously re-appointed as the External Auditors of the Company at the Twenty Fifth Annual General Meeting (“AGM”) of the Company held on 28 October 2022 to hold office until the conclusion of the next AGM of the Company.

Save for the above, the Board is not aware of any matters that need to be brought to the attention of the shareholders of the Company.

The Board also wishes to announce that the Board had approved the Audit Committee’s recommendation to appoint Messrs. BDO PLT (“BDO”) as the new Auditors of the Company after assessing their capabilities, independence and proposed audit fees.

The appointment of BDO is subject to the receipt of the written consent to act as Auditors of the Company from BDO pursuant to Section 264(5) of the CA 2016.

Further announcement will be made by the Company in due course once the written consent has been received.

This announcement is dated 13 February 2023.