The Board of Directors of Key ASIC Berhad ("Key ASIC") wishes to announce that the Company has on 22 January 2020, received the notice in writing given pursuant to Section 281 of the Companies Act 2016 from Messrs Afrizan Tarmili Khairul Azhar ("AFTAAS") on their resignation as Auditors of the Company. The end of AFTAAS's term of office shall be twenty-one (21) days from 22 January 2020 pursuant to Section 281(2) of the Companies Act 2016.

AFTAAS who had been the Auditors of the Company were re-appointed as the Auditors of the Company at the last Annual General Meeting ("AGM") of the Company held on 22 November 2019 to hold office until the conclusion of the next AGM of the Company. The resignation is solely due to the sanction by the Audit Oversight Board (“AOB”) against AFTAAS and the partners under Section 31Z of the Securities Commission Malaysia Act, 1993. As a result, AFTAAS is no longer eligible to be appointed as external auditors of public listed companies. 

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.

In view of the above, the Board had on 22 January 2020 approved the Audit Committee's recommendation to appoint Messrs CAS Malaysia PLT as the new auditors of the Company for the financial year ending 31 May 2020. However, the appointment is subject to the following:-

1. The end of AFTAAS's term of office which is twenty one (21) days from 22 January 2020 pursuant to Section 281(2) of the Companies Act 2016 ("the Act"); and
2. The Company receiving the written consent to act as Auditors of the Company from Messrs CAS Malaysia PLT pursuant to Section 264(5) of the Act.
Further announcement will be made by the Company once the Written Consent has been received.

This announcement is dated 22 January 2020.