Serba Dinamik fails to submit annual report 2022, shares to be suspended from Friday onwards

KUALA LUMPUR (Dec 22): Troubled oil and gas engineering firm Serba Dinamik Holdings Bhd is poised to see its shares suspended from trading on Friday (Dec 23) due to its failure to submit its annual report for the financial year ended June 30, 2022 (FY2022).

The issuance of the annual report has been delayed as the board of directors are still working on resolving the outstanding audit fees issue with the external auditors, the group said in a stock exchange filing on Thursday.

Earlier this week, Serba Dinamik updated that in the event it fails to submit its annual report before Thursday, its shares will be suspended from Friday.

This came after the stock exchange operator provided a 1½-month extension until Dec 15 for Serba Dinamik to submit the annual report.

Under the listing rules, if a company fails to issue the outstanding financial statements within five market days after the allowed deadline, its shares will be suspended from the next market day.

“If a listed issuer fails to issue the outstanding financial statement within six months from the expiry of the relevant timeframes, de-listing procedures shall be commenced against such listed issuer,” Serba Dinamik said in its earlier filing on Monday.

Shares of Serba Dinamik closed unchanged at one sen, giving the group a market capitalisation of RM37.27 million.

Serba Dinamik was the second most actively traded counter on Thursday, with 83.86 million shares traded.