CEO Morning Brief

Serba Dinamik Misses Deadline to Submit Quarterly Report for the Fourth Time

Publish date: Fri, 01 Dec 2023, 09:00 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Nov 30): Serba Dinamik Holdings Bhd said it was unable to release its financial report for its first quarter ended Sept 30, 2023 (1QFY2024) by Nov 30 as required under listing requirements.

The troubled oil and gas company did not clarify why it was unable to meet the deadline, but said in a filing with Bursa Malaysia on Thursday that it expects to submit the quarterly report by Dec 7.

This is the fourth consecutive quarter that Serba Dinamik has delayed issuing its financial report within the prescribed time. The company has been in the red for the last eight quarters.

The group also failed to issue its annual report for FY2023 by the Oct 31 deadline, and has yet to issue the annual report to date. Its request to extend the deadline for this till Jan 15, 2024 was rejected by Bursa Malaysia.

For this reason, Serba Dinamik's shares have been suspended from trading on Bursa Malaysia until further notice. Its securities were first suspended on Jan 18, 2023.

Serba Dinamik fell into PN17 status on Jan 6 last year, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.

In April 2020, the Securities Commission Malaysia compounded Serba Dinamik, its managing director and CEO Datuk Mohd Abdul Karim Abdullah, as well as three other top executives a total of RM16 million in relation with the submission of a false statement involving revenue of RM6.01 billion for FY2020, which was previously red-flagged by the company's external auditor, KPMG.

In August 2023, Serba Dinamik said it had submitted an appeal to Bursa Malaysia over the bourse’s decision to delist the company on Aug 28 for its failure to submit a financial regularisation plan within the allotted time frame.

No update on its delisting has been announced since then.

Read also:
Serba Dinamik says unable to submit 4Q result by Aug 31, expects to do so by Sept 8
Serba Dinamik faces possible delisting on Aug 28

Source: TheEdge - 1 Dec 2023

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