SINGAPORE (Dec 9): Serba Dinamik Holdings Bhd, whose dollar-denominated sukuk is among the worst performers in Asia this year, faces a crucial test on Thursday when the grace period for the repayment of its coupon liability ends.

The oil and gas service firm said in a statement last month it had missed a US$7 million coupon payment due on Nov 9, and that it had a 30-day period in which to make the payment. The coupon miss prompted Fitch Ratings to slash the company's rating to the brink of default.

Serba Dinamik's woes began in May when its former auditor KPMG questioned the company's accounts, which led to the resignation of the accounting firm after the company filed a suit against it. Serba Dinamik's shares have been suspended since late October by Bursa Malaysia following the delay in releasing the special independent review, which would address audit issues flagged by KPMG.

The company has said the findings of the review were "preliminary" and "inconclusive" to be released. Its shares last traded at 35 sen on Oct 22. The company's sukuk due in May 2022 has slumped 82% so far this year, according to data compiled by Bloomberg.

Serba Dinamik posted a net loss of RM42.1 million for the quarter ended Sept 30, 2021, according to an exchange filing on Nov 30.