Sun Art Retail Group proposes auditor change to KPMG

Sun Art Retail Group Limited announced a proposed change of auditors, replacing PricewaterhouseCoopers (PwC) with KPMG. The Board of Directors resolved not to re-appoint PwC on May 23, 2025, citing business needs and corporate governance practices of rotating auditors. Shareholders will vote on the appointment of KPMG at the annual general meeting on August 14, 2025. The Audit Committee recommended the appointment of KPMG after reviewing their qualifications, competence, and experience, determining they meet regulatory requirements for independence and suitability. PwC confirmed there are no circumstances regarding their retirement that need to be brought to the attention of shareholders or creditors. The Board and Audit Committee confirmed no disagreements between the Company and PwC.