Adama proposes auditor change, citing mandated rotation
ADAMA Ltd. (SZSE: 000553) announced that its board of directors has approved a proposal to appoint KPMG Huazhen LLP as its new auditor for the 2025 fiscal year, replacing Deloitte Hua Yong. The decision, made on March 12, 2025, is pending shareholder approval at the 2024 annual general meeting and is in accordance with regulations for SOE that require audit firm rotation after a certain period, as Deloitte has provided audit services to ADAMA for eight consecutive years, and is designed to align with evolving needs of the crop protection company. The change was made following a thorough review by ADAMA's audit committee, and is contingent on approval at ADAMA's annual general meeting, after a review of KPMG’s qualifications and independence. KPMG's proposed service fees for 2025 are to be determined based on service scope and workload, and it will be responsible for auditing ADAMA’s financial statements, however, it’s recent annual report indicates a year of significant losses and a proposed profit distribution plan for 2024 that includes no cash dividend, no bonus share, and no increase in capital reserves. The company reported a net loss attributable to shareholders of RMB 2.903 billion for the year.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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