LONDON - Grit Real Estate Income Group Limited, a prominent Pan-African real estate investment company, has announced the appointment of MacIntyre Hudson (NYSE:HUD) LLP (MHA) and Baker Tilly CI Audit Limited (BTCI) as its new auditors, replacing PricewaterhouseCoopers LLP (PwC). The change is in compliance with corporate governance codes in the UK and Mauritius, which call for a mandatory rotation of audit firms for listed companies.
PwC, which has been auditing Grit since the 2017/18 financial year, is stepping down following the governance recommendation that audit firms should be rotated every seven years. In preparation for the transition, Grit conducted an external tender process, culminating in the selection of MHA and BTCI. The new auditors are set to oversee the company's financial statements for the year ending June 30, 2025, with their reappointment subject to shareholder approval at the 2025 Annual General Meeting.
Grit has expressed gratitude to PwC for their services over the past years. PwC has confirmed that there are no unresolved issues related to their resignation that need to be brought to the attention of the company's members or creditors, as per section 273 of The Companies (Guernsey) Law 2008.
The rotation of auditors is part of the ongoing efforts to ensure transparency and maintain the integrity of financial reporting. MHA, the incoming auditor, is a registered firm in England and an independent member of Baker Tilly International, which provides assurance of its global standards and practices.
This change comes as Grit continues to focus on investing and managing a diverse portfolio of assets in select African countries, with the aim of providing sustainable income and potential growth for shareholders. The company holds a primary listing on the London Stock Exchange (LON:LSEG) and a secondary listing on the Stock Exchange of Mauritius.
The information regarding the auditor rotation is based on a press release statement issued by Grit Real Estate Income Group Limited.
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