Hi trs96, after 1 week+ of trying various EFI settings, I finally solved it. As I'm using a daisy chain setup, I need to enable DP 1.2 on my monitor which I didn't know can cause KP.
I decided to reset one of the monitor settings to factory default which I wasn't expecting to solve the problem anyway. To my surprise the shutdown completes successfully. I was puzzled and realised the only special settings I set on my monitor was the DP 1.2. I decided to disable on my 2nd monitor, Sleep/Wake, Shutdown and Restart is working without kernel panic.
Thanks for all the help given.