Regularisation plan to stave off PN17 status in progress, says Serba Dinamik

KUALA LUMPUR (May 5): Controversial Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd says it is looking into formulating a plan to regularise its financial condition.

In a bourse filing on Thursday (May 5), Serba Dinamik said it has approximately eight months to submit its regularisation plan to Bursa Securities for approval.

“The company will make the necessary announcement on the regularisation plan in accordance with the requirements under PN17,” it added.

Serba Dinamik slipped into PN17 status in January, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion over its audited financial statements for the 18-month financial period ended June 30, 2021.

Nexia had said that a number of factors had constrained its completion of the group’s audit, including the non-availability of a report on an independent review conducted by Ernst & Young Consulting Sdn Bhd.

Meanwhile, Serba Dinamik’s managing director and largest shareholder (21.22%) Datuk Mohd Abdul Karim Abdullah, as well as its chairman and second largest shareholder (16.17%) Datuk Abdul Kadier Sahib on Thursday filed a notice of his intention to deal during the closed period.

Trading in Serba Dinamik securities has been suspended since October last year. The counter last traded at 35 sen, giving it a market capitalisation of RM1.3 billion.