KUALA LUMPUR (July 12): The High Court in Shah Alam has fixed Aug 24 as the auction date in respect of five properties of Serba Dinamik Holdings Bhd for which Public Bank Bhd has obtained an order for sale.

The five parcels of properties, charged to the bank, are located in Section 11, Shah Alam, said Serba Dinamik in a bourse filing on Wednesday (July 12).

The High Court in Kuala Lumpur has meanwhile fixed Aug 28 as the auction date in respect of three other properties charged to Public Islamic Bank Bhd (PIBB), two of which are located in Johor Bahru and the other in Klang.

This comes after Serba Dinamik's wholly-owned subsidiary, Serba Dinamik Sdn Bhd (SDSB), defaulted on payments totalling RM14.63 million.

SDSB defaulted on its payment to Public Bank on Feb 3, involving an overdraft facility for the sum of RM528,216 as at Jan 10.

In the case of PIBB, SDSB defaulted on its payment of three financing facilities totalling RM14.10 million as of Jan 10.

Serba Dinamik said the order for sale obtained by Public Bank in respect of the five properties was issued on June 13, while PIBB obtained the order for sale for the other three properties on April 13.

"As SDSB is in liquidation, an assessment will need to be made on the impact on SDSB,” the group said.

Shares of Serba Dinamik were last traded at two sen, valuing the group at RM74.5 million.

Read also:
Serba Dinamik defaults on RM14.6m payment for term equity, financing facilities