COLOMBO, 23 September 2026 – Tea Smallholder Factories PLC (CSE: TSH) has announced a significant change in its financial oversight, with shareholders officially approving the appointment of KPMG Chartered Accountants as the company’s new statutory auditor. This decision, made at the 32nd Annual General Meeting (AGM), sees KPMG taking over from the long-standing auditors, Ernst & Young, Chartered Accountants.
Shareholder Approval and Regulatory Compliance
The resolution for KPMG’s appointment was formally passed during the Annual General Meeting held on September 22, 2026. The company communicated this corporate disclosure to the Colombo Stock Exchange (CSE) on September 23, 2026, in full compliance with Section 8 of the CSE Listing Rules, which mandates timely disclosure of changes in external auditors to ensure transparency in corporate governance.
Board Extends Appreciation and Welcome
In a statement released through their company secretaries, L O L C Corporate Services (Private) Limited, the Board of Directors of Tea Smallholder Factories PLC placed on record their sincere appreciation for the professional services rendered by the outgoing auditors, Ernst & Young, Chartered Accountants. Concurrently, the Board extended a warm welcome to KPMG Chartered Accountants as they step into their new role, underscoring a smooth transition in the company’s financial stewardship.
Significance for Corporate Governance
The change in external auditors, while a routine corporate procedure, is a crucial aspect of robust corporate governance. It ensures fresh perspectives and independent oversight of a company’s financial reporting and internal controls. For Tea Smallholder Factories PLC, a vital player in Sri Lanka’s renowned tea industry, this transition marks a new chapter in maintaining stringent financial accountability and transparency.
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