Hatten Land Limited announced delaying first quarter 2024 Results as part of the Company's ongoing efforts to address issues raised in previous auditors' reports, the Group engaged, Crowe Malaysia PLT, to conduct an Accounting Review. The Accounting Review was completed in September 2023. Baker Tilly TFW LLP, ("Independent Auditors" or "Group Auditors"), thereafter carried out its review and concurrence on the findings of the Accounting Review.

Currently, the Company is in the process of quantifying the impact and conducting assessments with reference to the Accounting Review, while the Independent Auditors are concurrently performing their relevant audit procedures. LaurelCap Sdn Bhd ("LaurelCap"), a valuer firm that has been engaged by the Group for the past few years to conduct valuation on the assets of the Group as part of the audit process of the Group, had informed the Group on 16 May 2023 that they were not able to continue the engagement for Fiscal Year 2023 due to constraints in their internal resources. The Group only managed in late June to appoint another valuer, AVA Associates Limited ("Valuer"), who had experience in conducting similar valuations for SGX-ST listed companies and relevant property valuation, qualifications and experience in Malaysia that fulfilled the requirements of the Board and Independent Auditors.

As the Valuer was newly appointed, additional procedures were required to be carried out, such as, amongst others, onboarding procedures, interviewing, site inspection and assessment, as well as documentation reviewing, which inevitably resulted in a delay in the completion to the audit. The Valuer had requested additional time from the Company to finalise its valuation reports. As a result of the two matters above, Baker Tilly Monteiro Heng PLT (Baker Tilly Malaysia), ("Component Auditors"), have requested for additional time to complete their working papers in October 2023, which will then be reviewed by the Group Auditors.

Consequently, the Independent Auditors have requested for a corresponding extension of time to complete their group audit. Subsequent thereto, the Company will also need to complete the administrative and procedural matters in relation to the AGM. As the first quarter 2024 Results is dependent on fiscal year 2023 audited financial statements (in particular, the closing balances contained in the Fiscal year 2023 audited financial statements form the opening balances of first quarter 2024 Results), the delay in the fiscal year 2023 audit process will impact the Group's preparation of the first quarter 2024 Results.

Accordingly, the Company is seeking the extension to announce its first quarter 2024 Results.