Serba Dinamik shares to resume trading on May 9 as firm complies with Bursa directive

·3-min read
Serba Dinamik shares will resume trading on May 9. — Bernama pic
Serba Dinamik shares will resume trading on May 9. — Bernama pic

KUALA LUMPUR Apr 29 — After the six-month-long suspension since October 22 last year, trading in Serba Dinamik Holdings Bhd securities will resume on May 9.

The stock was last traded at 35 sen on October 22 last year, falling from RM1.61 in May when the audit issues were revealed to the public, The Edge reported today.

In a press statement, Bursa Securities reminded the investing public to exercise caution and to make informed decisions when trading the securities of Serba Dinamik.

The company and four of its senior officials including managing director and controlling shareholder Datuk Mohd Abdul Karim Abdullah were charged with furnishing false statements.

The Attorney-General’s Chambers (AGC) later decided to withdraw the charges following a letter of representation by the accused. However, the AGC has not publicly explained its decision.

In the statement, Bursa said Serba Dinamik’s announcement dated April 21, entitled “Court Order Dated 7 February 2022”, had announced, among others, the findings from the FFU (fact finding update) in accordance with the exchange’s order.

“Therefore, Bursa Securities will be uplifting the suspension of trading of Serba Dinamik’s securities on May 9 at 9am,” said the exchange regulator.

Bursa is referring to the 26-page announcement that the troubled oil and gas filed on April 21.

On April 23, it was reported that the Securities Commission Malaysia (SC) filed a police report against Serba Dinamik.

The complaint was made by the SC on the grounds of defamation under Section 499 of the Penal Code in relation to a 26-page letter Serba Dinamik released last Thursday.

The SC also sought the police’s cooperation to conduct its investigations with urgency to help safeguard investors’ interests.

Bursa in the statement also stressed that Serba Dinamik’s comments, views and rebuttal in the 26-pages announcement do not represent the exchange’s views on the matter and it will not be responsible to check the accuracy, completeness or adequacy of any of the same.

In addition, Bursa, which Serba Dinamik has taken legal action against, highlighted that the company has not complied with the following orders — to announce the impact of the FFU by EY Consulting Sdn Bhd pursuant to the Special Independent Review (SIR), on the business, financial status and operation of Serba Dinamik; to complete the SIR with EY Consulting; provide or instruct its agent or servants to furnish bi-weekly written updates of the SIR to the exchange, whether formally demanded or not by Bursa.

The statement also said in the event of the premature resignation of EY Consulting to continue as Independent Reviewer (“IR”), or termination of EY Consulting as IR by Serba Dinamik, the company will be ordered to appoint an independent reviewer with international affiliation.

The independent reviewer will also have adequate experience and resources and with the presence in Bahrain and other overseas locations where the customers and suppliers that were highlighted by KPMG are located, to replace EY Consulting as IR within 14 market days from the date of the order, to complete the SIR.

Bursa also pointed out that the newly appointed independent auditors of Serba Dinamik, Nexia SSY PLT, who were engaged to audit the financial statements for the financial period ended 30 June 2021, did not express an opinion on the said financial statements.

“This is because Nexia had not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion,” said Bursa.

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