Unfair claims by Pernas to Serba Dinamik management
Dated the 9th August, Perbadanan Nasional Bhd or better known as Pernas which is under the helm of MOF, had once again seek compensation from Serba Dinamik management team.
Naturally, seeking compensation from Datuk Dr Mohd Abdul Karim Abdullah who still sits on the board makes sense, however the two executives who had left the company – Rosland Othman and Rosli Hamat no longer had anything to do with the company anymore were also named – this doesn’t make sense! Why would Pernas now claim money from the 3 said individuals, especially on the two executives who had already left the company?
According to the statement of claim filed, Pernas claims that they had entered into an investment agreement and a put option agreement with Rosland and Rosli on 24th January 2018 to purchase 13.5 million shares without specifying the buying price.
Under the deal, the parties agreed that if Serba Dinamik shares fall below RM3 per share, Rosland and Rosli would pay Pernas the difference between RM3 and the actual share price it fell to within 7-days of execution by Pernas, the deal were executed while the duo was executives of the company.
Also, Pernas is entitled to 12% interest per year under the put option agreement.
Here comes my question(s) – isn’t what Pernas doing is considered as warehousing, which is illegal under the guidelines of Securities Commission? Why is Pernas – who only agree to “hold” 13.5 million shares entitled to a RM3 selling price regardless of their entry price?
Is it because they are owned by MOF, so they enjoy special investment privileges?
Can MOF or Pernas now stand out and explain the entitlement to the minority shareholders?
How many deals as such were executed by Pernas without the poor public investors knowing?
I have a lot of questions in my head, but I guess these would be the first few where Pernas needs to address before the public lost hope in GLC once again.
Also, the “competent” fund manager of Pernas had never surfaced, too. On 31st May 2021, Serba’s share price had dipped to RM1.43 which had led to Pernas seeking payment of RM17.61 million from the two former executives. Subsequently on 31st July 2021, Pernas demanded more as the share price of Serba dipped further. Finally, being a fair agreement, Pernas revised the sum once again to RM22.06 million and followed by RM23.47 million when Bursa suspended Serba’s shares.
By 17th March 2022, Pernas had executed its put option to sell Serba’s share to the two former executives at RM46.44 million.
Why – given so many chances of cutting losses by the fund manager of Pernas, no action were taken to minimize the losses of the group?
Instead, the loss was accumulated and Pernas insisted on going after the two former executives. Is this something to be done by a professional firm?
Once again, there were many questions left unanswered by the MOF-owned vehicle. Sure, putting aside its privileges on getting a deal to re-sell Serba Dinamik shares on RM3, I think Pernas should go after the company instead of the former executives, which have nothing to do with the company anymore.
I hope this article could grasp attention by the investment public so my questions could be raised publicly to Pernas.