KUALA LUMPUR (Aug 24): Shares in Serba Dinamik Holdings Bhd tumbled 18.75% in active trade on Wednesday (Aug 24) morning after the Kuala Lumpur High Court appointed an interim liquidator (IL) to take control of the group and three of its subsidiaries after the troubled oil and gas company breached a Consent Order that requires it to start repaying a syndicated loan owed to six banks.
At 9.20am, Serba Dinamik fell 1.5 sen to 6.5 sen with 58.1 million shares traded.
The IL will have power to control the companies' affairs until the full appointment of a liquidator to kick-start a winding-up process.
The hearing of a winding-up petition against Serba Dinamik is scheduled for Jan 10 next year, with a decision possibly delivered on the same day.
In his ruling on Tuesday, High Court Commercial division judge Nadzarin Wok Nordin said the primary interests in winding-up proceedings are the interests of creditors.
Nadzarin found no dispute in the Consent Order entered into by the parties on June 8, which "expressly states" that in the event of a default, Serba Dinamik and its related companies "shall not object or oppose the appointment of an IL".