KUALA LUMPUR (Dec 19): Serba Dinamik Holdings Bhd (SDHB) has withdrawn its appeal in two legal actions involving Bursa Malaysia Securities Bhd.

Serba Dinamik had sued Bursa on the ground that the regulator had acted in excess of its power on the requirement to conduct a special independent review (SIR) and disclose the findings. On Feb 10, the High Court dismissed the case, prompting the company to appeal.

Bursa, meanwhile, had filed an originating summons against Serba Dinamik for breach of listing requirements and failure to disclose the fact-finding update prepared by EY Consulting Sdn Bhd in the SIR. On Feb 7, the High Court allowed the originating summons.

On April 12, the Court of Appeal dismissed the company’s application to stay the execution of the High Court order.

In separate filings on Tuesday (Dec 20), Serba Dinamik said it has withdrawn the appeals in both matters without costs.

On Monday, Bursa informed Serba Dinamik that trading in its shares will be suspended from Dec 23, if the company fails to issue its annual report for the financial year ended June 30, 2022 by Thursday.

This led to Serba Dinamik shares falling to an all-time low of one sen on Tuesday morning. The counter closed the day at 1.5 sen, valuing the company at RM55.91 million.

https://www.theedgemarkets.com/article/serba-dinamik-withdraws-appeal-legal-actions-involving-bursa