Report: Serba Dinamik may face delisting after Bursa Securities rejects request for regularisation plan
KUALA LUMPUR, Aug 17 — Serba Dinamik Holdings Bhd may reportedly face delisting from the Main Market of Bursa Malaysia on August 28 due to Bursa Securities rejecting its request for more time to submit its regularisation plan.
According to a report from The Edge, a Bursa Malaysia filing yesterday said the troubled oil and gas company has until next Wednesday to appeal against the delisting.
Currently, the Practice Note 17 (PN17) company’s securities will remain, the report said.
It added that the company has a market capitalisation of RM75 million due to the counter being most recently traded at two sen.
Last month, Serba Dinamik’s subsidiaries, Serba Dinamik Group Bhd (SDGB) and Serba Dinamik Sdn Bhd (SDSB), defaulted on three financing facilities worth RM435.4 million.
It cited constrained cash flows in a filing with Bursa Malaysia as a reason for SDGB defaulting on payment totalling RM400.77 million from MBSB Bank Bhd and Bank Kerjasama Rakyat Malaysia Bhd under the Islamic Club Financing Arrangement as on August 11 last year.
The group was reportedly given Practice Note 17 status, which is issued by Bursa Malaysia to companies facing financial distress, following its external auditor expressing a disclaimer of opinion on its audited financial statements for the 18-month financial period ending on June 30, 2021.
In May, four senior officials from the group were reportedly fully acquitted of charges of submitting a false statement to Bursa Malaysia last year.
Serba Dinamik and its four top executives were charged with submitting a false statement to Bursa Malaysia Securities Berhad on February 26, 2021, in relation to the revenue figure of RM6.014 billion contained in the company’s Quarterly Report on Consolidated Results for the Quarter and Year ended December 31, 2020.
