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Author: savemalaysia   |   Latest post: Mon, 29 Nov 2021, 7:29 PM

 

“Serba’s indefinite trading suspension to stay till release of SIR findings”

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SERBA Dinamik’s Holdings Bhd’s stock trading suspension which started at the outset of yesterday’s (Oct 22) afternoon session until further notice is due to the status update of its special independent review (SIR).

In a media statement late yesterday, Bursa Malaysia Securities Bhd said findings from the SIR’s Factual Findings Update as of Sept 30 have been communicated to three out of four of the company’s independent non-executive directors (INEDs) on Oct 21.

“In this regard, Bursa Securities notes that to-date, Serba Dinamik has not announced the findings from the Factual Findings Update in accordance to Paragraph 9.03 of the Main Market Listing Requirements (MMLR),” the market regulator pointed out.

This has therefore led to an issuance of a directive under paragraph 2.23 of the MMLR to the global integrated oil & gas service provider to:

  • Make an announcement on the findings from the Factual Findings Update by Oct 26 (Tuesday);
  • Announce Bursa Securities’ directive immediately; and
  • Impose a suspension of trading on Serba Dinamik’s securities on the next market day after the directive deadline in the event of non-compliance to the directive.

“The suspension will remain until an announcement in compliance with this directive and paragraph 9.35A of the MMLR is made by Serba Dinamik on the findings from the Factual Findings Update,” noted the market regulator.

“The directive is issued to ensure material information is disclosed in a timely manner and to provide clarity to the market.”

In an earlier media statement, Bursa Malaysia Bhd said the trading of Serba Dinamik’s shares and structured warrants would be suspended effective from 2.30pm yesterday (Oct 22) until further notice.

“The suspension of Serba Dinamik’s securities is effected pursuant to paragraph 16.02(1)(c) of the Main Market Listing Requirements in the interest of maintaining an orderly and fair market in the trading of the company’s securities,” added the stock exchange.

On July 12, Serba Dinamik has formally appointed Ernst & Young Consulting Sdn Bhd (EY) as its independent reviewer to assess the veracity of the audit issues raised by its former external auditor KPMG PLT.

In a Bursa filing dated Sept 6, the company said its INEDs have been provided with progress updates by EY on a biweekly basis.

In a separate development, Serba Dinamik’s managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah has acquired one million shares in the company he co-founded in 1993 at 35 sen apiece.

The purchase which cost him RM350,000 would have raised his direct stake in the company to 21.23% comprising 787.38 million shares.

In an interview with FocusM earlier, Abdul Karim has defended his action of parting with his entire warrant holding by stating that it was “purely a business decision out of necessity” while reiterating his commitment “to turnaround Serba Dinamik from the doldrums”.

“My warrant disposal is to take advantage of it being traded at premium and shouldn’t be conceived as I harbour intention to exit the ship which I took so much sweat, tears and blood to build … I will make sure the ship continues to sail in the roughest of seas,” he rationalised.

“Rest assured that I shall channel proceeds from the sale of the warrants to acquire the mother shares … Despite the turbulence, it’s still very much BAU (business as usual) at Serba as our current order book stands at RM18 bil.”

Serba Dinamik was last transacted at 35 sen at the close of today’s mid-day trading, down 2 sen or 5.41% with 105.18 million shares traded which gave the company a market capitalisation of RM1.31 bil. – Oct 23, 2021

 

https://focusmalaysia.my/serbas-indefinite-trading-suspension-to-stay-till-release-of-sir-findings/

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