WITH 1,001 questions looming regarding its immediate future, 2022 is likely to be unkind to Serba Dinamik Holdings Bhd with its forthcoming annual general meeting (AGM) already expected to be a boisterous affair for a start.

As the curtains close a turbulent year that has wiped out a big chunk of its market capitalisation, the global integrated oil & gas (O&G) service provider is seeking its shareholders’ approval for renewal of their mandate for recurrent related party transactions (RPT) of a revenue or trading nature.

Amid the on-going court cases initiated by the Securities Commission (SC) on the company and its top brass, the approval will be sought during its forthcoming AGM which it did not indicate in its Bursa Malaysia filing yesterday (Dec 30).

The seeking of the mandate could be linked to the brouhaha emanating from Serba Dinamik’s involvement in a RM7.7 bil project with little-known Block 7 Investment LLC which it has vehemently denied as having any RPT nature.

To re-cap, questions have been raised about the mega contract which was secured by Serba Dinamik’s wholly-owned subsidiary Serba Dinamik Investment Ltd (SDIL) in April 2020.

This is because SDIL also owns a stake in Block 7 through a company called EFIRE Capital Holdings Ltd where Serba Dinamik group managing director/CEO and largest shareholder Datuk Dr Mohd Abdul Karim Abdullah also serves as a vice chairman.

Aside from the RPT matter, Serba Dinamik has also proposed to seek its shareholders’ approval during its forthcoming AGM for:

• Renewal of shareholders’ mandate for share buyback by the company;
• Proposed renewal of authority to issue and allot shares pursuant to Sections 75 and 76 of the Companies Act 2016; and
• Proposed alteration of the constitution by replacing it with a new constitution.

“The circular and statement setting out the details of the above proposals will be dispatched to the shareholders of the company in due course,” the company added.

Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares/warrants, hence giving the company a market capitalisation of RM1.3 bil. – Dec 31, 2021