Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 10): Trading of oil and gas (O&G) engineering company Serba Dinamik Holdings Bhd’s securities on Bursa Malaysia Securities Bhd will remain suspended until further notice, according to a listing circular by Bursa Malaysia to Serba Dinamik on Monday (Jan 10).

The trading suspension of Serba Dinamik’s securities will continue despite the company issuing its outstanding annual report that included the annual audited financial statements (AFS) together with the auditors’ and directors’ reports for the 18 months ended June 30, 2021 on Jan 6.

“In view that the company has not complied with Bursa Securities’ directive to make an announcement on the findings from the factual findings update on the special independent review (SIR), the suspension of trading in the company’s securities will continue until further notice,” the listing circular revealed.

To recap, Serba Dinamik had on Jan 6 issued its annual report along with the AFS, auditors’ and directors’ reports for the 18-month financial period ended June 30, 2021, after it announced it had missed the initial deadline of Nov 30, 2021 to submit the report.

Its application and subsequent appeal to postpone the deadline had been rejected by Bursa Malaysia.

In a separate filing on the same day, Serba Dinamik had also slipped into Practice Note 17 (PN17) status after its external auditor Nexia SSY PLT had expressed a disclaimer of opinion on the AFS that it had released on Jan 6.

The company will be potentially delisted from Bursa Malaysia if it is unable to regularise its financial condition within 12 months.

Its external auditors had also said that the completion of the company’s audit was constrained by a number of factors which included the non-availability of the report of the SIR conducted by Ernst & Young Consulting Sdn Bhd (EY).

Serba Dinamik and its executives are also currently charged by the Securities Commission Malaysia (SC) for submitting a false statement to Bursa Malaysia on Dec 28, 2021, with the company and its executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and vice-president of accounts and finance Muhammad Hafiz Othman charged under charged under Section 369(a)(B) Capital Markets and Services Act (CMSA), read together with Section 367(1) of the same Act, respectively.

Meanwhile, Serba Dinamik’s chief executive officer (CEO) and group managing director Datuk Mohd Abdul Karim Abdullah, who could not be located on Dec 28, 2021, was issued a warrant of arrest by the Sessions Court on the same day. He was later charged on Dec 29, 2021 for the same offence as the other Serba Dinamik executives.

The SC’s investigation into the O&G engineering company began in May last year after its previous external auditors KPMG had filed a Section 320 CMSA report to the regulators.

The case has been fixed for a hearing on Jan 27.

Trading of Serba Dinamik’s shares have been suspended since Oct 22, 2021. Based on its last traded price of 35 sen, the group has a market capitalisation of RM1.3 billion.

Edited ByLam Jian Wyn
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