Change of Parent Company Auditor
Sydney, Jan 11, 2017 AEST (ABN Newswire) - Donaco International Limited (
ASX:DNA) (Donaco or the Company) announces that Crowe Horwath Sydney has been appointed as the Company's auditor.
Crowe Horwath Australasia is the fifth largest accountancy firm in Australia, and is known for delivering quality audit, tax and advisory services. With a network of more than 100 offices in Australia and New Zealand, Crowe Horwath Australasia employs approximately 3,000 professionals and staff, and has the diversity of skills and resources to provide comprehensive, integrated financial solutions to both individual and corporate operations, in industries large and small.
Crowe Horwath also has an extensive network of professionals providing services throughout the Company's operating territories in Asia, and already provides audit services for the Company's key operating subsidiaries, being Donaco Hong Kong Limited and DNA Star Vegas Co., Limited. Crowe Horwath has been the auditor for those entities since their inception.
Crowe Horwath also provided financial due diligence services for the Company's acquisition of the Star Vegas business, and audited three years of accounts for that business under its previous ownership, prior to the Company's acquisition of the business.
As the key operating subsidiaries are already subject to audit by Crowe Horwath, the Board believes that it will be a more efficient process for the parent company audit to also be undertaken by Crowe Horwath. The previous auditor, William Buck, have confirmed to ASIC that there are no disagreements between them and the directors or management of Donaco.
About Donaco International Ltd
Donaco International Limited (ASX:DNA) operates leisure, entertainment and associated technology businesses across the Asia Pacific region.
Donaco's largest business is the Star Vegas Resort & Club, a successful casino and hotel complex in Poipet, Cambodia, on the border with Thailand. Star Vegas was established in 1999, and is the largest and highest quality of the Poipet casino hotels. The property has more than 100 gaming tables, more than 1400 slot machines, and 385 hotel rooms.
Donaco's flagship business is the Aristo International Hotel, a successful boutique casino in northern Vietnam, located on the border with Yunnan Province, China. Established in 2002, the property has recently been expanded to a brand new five star resort complex with 400 hotel rooms. Donaco is a pioneer casino operator in Vietnam, and owns a 95% interest in the business, in a joint venture with the Government of Vietnam.
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