Posted by PSAi3alert > 2021-09-10 13:06 | Report Abuse

pearlwhite,

Your post balance sheet event suggestion may work after a reporting period but before the financial statements for that period have been issued.

Let's talk about a specific project - the 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania

--- Funds Used in the Tanzania Project ---

Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project
Utilisation of Proceeds from Private Placement on 30 January 2018

Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania
Actual Utilisation: RM 111.113M


--- Income recognized from the Project ---

The total income recognized from the Tanzania project is RM194.813M and comprises:

FYE 2018: RM29.82
FYE 2019: RM104.02
15 months ended 31-03-2021: RM60.973M

1) As at 10th Sep 2021, Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) is still showing that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.

2) Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert remain insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants in Tanzania.

3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania." This request invariably suggest that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania as at July 2019.

4) the JV company that owns the plant in Tanzania is Sufini Holding Ltd (CBLS No 11545098 BL local no 000001141). Sufini's business license has expired as at 19th Feb 2021.


Are you now alleging that:

--->>> RM111.113M was actually transferred to Sufini Holding Ltd as working capital for the EPCC project in Tanzania

--->>> The receivables totaling RM194.813M as at 31st March 2021 for the Tanzania have ​been paid by a few remittance advice from unknown entities; for products/services from a non-existent plant; to Sufini with expired business license?

--->>> And you personally seen evidence of the 'few remittance advice' to settle the receivables for the Tanzanian project

-
pearlwhite .

Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.

Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).

If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.



PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.

Well, that's not insider information. It's your hallucinated information.
10/09/2021 9:14 AM

Posted by Gerrardo > 2021-09-10 13:06 | Report Abuse

Argue on argument


madmatts
351 posts
Posted by madmatts > Sep 10, 2021 11:51 AM | Report Abuse

Ha...ha...still argue, now different group of people.

Posted by Hop333 > 2021-09-10 13:07 | Report Abuse

Huaaaaaaa... so many experts here, hahahahaha!

Posted by Gerrardo > 2021-09-10 13:08 | Report Abuse

Is this gonna be true?

Skip to content
Focus Malaysia Logo

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Will Serba’s major shareholders ever consider taking company private?
By Cheah Chor Sooi
2 hours ago
in Featured, Markets, Top

CAN prospect of privatisation be looming in Serba Dinamik Holdings Bhd given that the patience of its major shareholders may be thinning having to watch the company’s share price stagnating at the 40 sen zone since end-July?

Obviously it pains the heart to be watching from the sidelines the gloom more so as the stock price of the global integrated oil & gas (O&G) outfit remains range-bound even as the FBM KLCI has shown some uptrend since the appointment of Malaysia’s ninth Prime Minister on Aug 20.

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Delving on the privatisation, a market observer contended that although the share price of Serba Dinamik has been badly hit due to governance issue emanating from the flagging of accounting discrepancies in its FY2020 financials by former external auditor KPMG PLT, the company’s fundamentals seem to remain intact with an outstanding order book.

In recent times, Serba Dinamik has secured 15 new contracts with 10 operation and maintenance (O&M) projects in Malaysia and Indonesia, and five engineering, procurement, construction and commissioning (EPCC) contracts in Malaysia and Nepal.

According to PublicInvest Research analyst Nurzulaikha Azali in her research note dated Aug 12, the contracts are valued at circa RM386.3 mil, hence able to improve Serba Dinamik’s earnings visibility to a healthy order book of RM18 bil.

“There are bound to be ups and downs in business … based on current position, it seems that Serba is too big to fail given it has played a big role in Malaysia’s oil and gas (O&G) industry and particularly so as a vendor development partner for the national oil corporation (PETRONAS),” opined a market observer.

“Henceforth, at its current valuation, it is not surprising that Serba’s major shareholders may contemplate taking Serba private on the basis that its valuation is too cheap to be ignored.”

The company’s five major shareholders as of Sept 10 are its founder, CEO and group managing director Datuk Dr Mohd Abdul Karim Abdullah (21%), the company’s non-independent non-executive director Datuk Abdul Kadier Sahib (16.25%), Amanah Saham Nasional Bhd (6.15%), the Employees Provident Fund (4.99%) and the Retirement Fund (Inc) (4.55%).

“Technically, Serba’s current valuation is at three times PE (price-to-earnings) compared to the industry’s average at six to seven times while its latest NTA (net tangible asset) value is a mere 1.05,” the market observer pointed out.

“All this gives credence that privatisation cannot be ruled out given such move will open up prospect of a better return to the company’s major shareholders”.

Assuming the prospect of privatisation is on the card, the market observer added he will not be surprised if the share price of Serba Dinamik “is able to double up from its current price”.

At 10.53am, Serba Dinamik was unchanged at 38.5 sen with 5.92 million shares traded, thus valuing the company at RM1.44 bil. – Sept 10, 2021

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Posted by pearlwhite > 2021-09-10 13:10 | Report Abuse

.
When think that you need to have an audited account to conduct privatisation, takeovers or what not shows the lack of experience or none thereof dealing with these issues.

There is something called due diligence (financial and non financial).
.

Posted by ming > 2021-09-10 13:12 | Report Abuse

20% chance to bet for 200% return.. still worth to try with small position in ur portfolio

Posted by pearlwhite > 2021-09-10 13:13 | Report Abuse

.
I didn't suggest anything nor specify the project details.

All I wrote were "'few remittance advice", which you correctly quoted.


pearlwhite,

Your post balance sheet event suggestion may work after a reporting period but before the financial statements for that period have been issued.

Let's talk about a specific project - the 45 metric tonne per day Chlorine Skid Mounted Chlor-Alkali Plant in Tanzania

--- Funds Used in the Tanzania Project ---

Serba's 31 Dec 2019 Financial Results showed that RM111.113M was used in the Tanzania project
Utilisation of Proceeds from Private Placement on 30 January 2018

Details of utilisation of proceeds: Working capital for the EPCC work in Tanzania
Actual Utilisation: RM 111.113M


--- Income recognized from the Project ---

The total income recognized from the Tanzania project is RM194.813M and comprises:

FYE 2018: RM29.82
FYE 2019: RM104.02
15 months ended 31-03-2021: RM60.973M

1) As at 10th Sep 2021, Google Map's satellite image of the site (Msufini Area, Mlandizi Ward, Kibaha District, Tanzania) is still showing that it is still a piece of empty land. Nothing has been developed and there is no equipment at the site.

2) Junaco (T) Limited and the directors, Justin Lambert and Vedastina Lambert remain insolvent and does not have any assets to satisfy judgment debts owning to numerous claimants in Tanzania.

3) In July 2019, the African Development Bank issued a request for expression of interest for Consulting Firms to be the Lenders’ Technical Advisor (Consulting Firm) for the construction and operation of Chlorine Chlor-Alkali plant in Tanzania. The services to be provided under the Assignment included: "Development of 45 Mtpd (over 16, 200Mtpy) Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania." This request invariably suggest that there is no existing Chlorine Chlor-Alkali plant in Msufini area, Kibaha district coast region of Tanzania as at July 2019.

4) the JV company that owns the plant in Tanzania is Sufini Holding Ltd (CBLS No 11545098 BL local no 000001141). Sufini's business license has expired as at 19th Feb 2021.


Are you now alleging that:

--->>> RM111.113M was actually transferred to Sufini Holding Ltd as working capital for the EPCC project in Tanzania

--->>> The receivables totaling RM194.813M as at 31st March 2021 for the Tanzania have ​been paid by a few remittance advice from unknown entities; for products/services from a non-existent plant; to Sufini with expired business license?

--->>> And you personally seen evidence of the 'few remittance advice' to settle the receivables for the Tanzanian project

-
pearlwhite .

Thanks. Appreciated the previous analyses and work done by you too. But I do not consider them up to the threshold of "auditing standards". But to each their own. You may be from another industry. I understand that.

Your work was very good, but all was dismissed by a few remittance advice (as far as customers/vendors were concerned).

If you have further details you wish to share or additional work done, feel free to share them. I would be more than glad to have a look and revert with ways to move it forward.



PSAi3alert So, your analysis and information is based on your 'EXPERIENCE dealing with SIR with Bursa/SC/Bukit Aman' on some other company. And that EXPERIENCE is unrelated to Serba.

Well, that's not insider information. It's your hallucinated information.

Posted by Nikmon > 2021-09-10 13:16 | Report Abuse

So now Focus promote SD by release 1 article per day, why desperate. What are you waiting smart investor, buy more and hold.



Assuming the prospect of privatisation is on the card, the market observer added he will not be surprised if the share price of Serba Dinamik “is able to double up from its current price”.

Posted by Huangbk72 > 2021-09-10 13:16 | Report Abuse

Due diligence on a red-flagged listed entity with no audited accounts over 1 year ??

The one saying this clearly have lack of experience.

Fund managers operate under clear guidelines.. what you are suggesting bends the goalpost too much.

Posted by UncleFollower > 2021-09-10 13:18 | Report Abuse

Pak Karim please don't take Serba private. We ride with you to $3.20. Bangsa Malaysia

Posted by PSAi3alert > 2021-09-10 13:23 | Report Abuse

pearlwhite,

So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?

You do realize the implications of your allegations on disconnected money flow, don't you?!


pearlwhite .
I didn't suggest anything nor specify the project details.

All I wrote were "'few remittance advice", which you correctly quoted.

10/09/2021 1:13 PM

Posted by Nikmon > 2021-09-10 13:24 | Report Abuse

Haha, Karim was forced selling few month ago, may need to look for ah long...beside that still waiting for audited acc, so you have plenty of time to accumulate and ride with Karim @UncleFolliwer....lol

Posted by Huangbk72 > 2021-09-10 13:28 | Report Abuse

Basically u cornered him into a corner. I don’t think he truly comprehend what u wrote. So the classic “few liners” explanation

PSAi3alert pearlwhite,

So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?

You do realize the implications of your allegations on disconnected money flow, don't you?!


pearlwhite .
I didn't suggest anything nor specify the project details.

All I wrote were "'few remittance advice", which you correctly quoted.

10/09/2021 1:13 PM
10/09/2021 1:23 PM

Posted by sharewiz118 > 2021-09-10 13:33 | Report Abuse

RM0.38 cent sudah dekat margine call lor, ikan bilis cepat jual rumah dan jual tanah kasi tahan ini harga.

Posted by pearlwhite > 2021-09-10 13:35 | Report Abuse

.
Stop implying. These were 1 one the reasons why your analyses were dismissed as being not up to "auditing standards". Its a static. I do understand that at your position, your access and efforts to obtain further details may be curtailed somewhat, hence I would say "this is as far as it goes".

You can imply this quote of mine however you wish, but I believe that there was a infamous quote somewhere from some Malaysian i.e.

"He looks like me, He sounds like me, but I don't think its me".

Thanks.

PSAi3alert pearlwhite,

So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?

You do realize the implications of your allegations on disconnected money flow, don't you?!

Posted by Depeche > 2021-09-10 13:43 | Report Abuse

If SIR is going to clear, why talk about privatization now? Wait til it recovers all lost market cap first.

Posted by wongchin > 2021-09-10 13:47 | Report Abuse

That uncle lim and steady lost in space already. Now Pearl is the king sayer. Always like to tell Wind Stories. Hehe

Posted by pearlwhite > 2021-09-10 14:01 | Report Abuse

.
The SIR is a serious issue. Very serious indeed.

Perhaps one can try, due to this circumstance, request to view the SD's records (Board of Directors' Minutes for example) to gain more access to information pertaining to contracts, awards, procurement awards, etc. etc.

Typically, approval of contracts would be tabled in directors meeting, and the full contract details, project appraisal, project setup, etc., would be as an appendix.

Catch : Have to be a shareholder, 100 unit should be enough.

.

Posted by PSAi3alert > 2021-09-10 14:03 | Report Abuse

pearlwhite,

You're effectively saying a unicorn exists. And it's a negative event. It's not up to me to prove a negative. The burden of prove is on you to show evidence of the existence of unicorn.

Let's come back to the plant in Tanzania.

Can you please show evidence that as at 2.00 pm 10th Sep 2021:
- the plant in Tanzania exist
- Junaco (T) Limited is now solvent
- Sufini Holding Ltd's licence is now renewed

Please do not digress and please do not talk about hypothetical events.


pearlwhite .
Stop implying. These were 1 one the reasons why your analyses were dismissed as being not up to "auditing standards". Its a static. I do understand that at your position, your access and efforts to obtain further details may be curtailed somewhat, hence I would say "this is as far as it goes".

You can imply this quote of mine however you wish, but I believe that there was a infamous quote somewhere from some Malaysian i.e.

"He looks like me, He sounds like me, but I don't think its me".

Thanks.

PSAi3alert pearlwhite,

So, it's now a 'few remittance advice' to cover receivables from projects that do not exist?

You do realize the implications of your allegations on disconnected money flow, don't you?!
10/09/2021 1:35 PM

Posted by pearlwhite > 2021-09-10 14:07 | Report Abuse

.
"This is as far as it goes" per previous reply.

TQ

Posted by kamirise360 > 2021-09-10 14:07 | Report Abuse

Price still stuck at 0.385


amirf1221
303 posts
Posted by amirf1221 > Sep 10, 2021 10:23 AM | Report Abuse

The progress so far is not so good
Would they be able to have a better rate?
Which is quite an exciting prospect

Posted by treatshijau > 2021-09-10 14:12 | Report Abuse

Yup true
The price is still within that range
If they can have a better rate is good

Posted by treatshijau > 2021-09-10 14:13 | Report Abuse

now they have to work harder to achieve a better price
not only the trend is turned
they have to regain the trust

Posted by kamirise360 > 2021-09-10 14:16 | Report Abuse

Waiting for QR and SIR

Posted by B4b4 > Sep 10, 2021 10:26 AM | Report Abuse

Hi guys, I long to see any good news about the AR.

Posted by DickyMee > 2021-09-10 14:18 | Report Abuse

Those odds are not in your favour la. Where got worth? Fair odds are 50% chance for 100% return. 25% chance for 200% return.

----------

ming 20% chance to bet for 200% return.. still worth to try with small position in ur portfolio
10/09/2021 1:12 PM

Posted by Hop333 > 2021-09-10 14:20 | Report Abuse

Guys, if you're worried.... scared, go elsewhere. Tenaga would be a good option for you :)

No point getting people to follow you when you're not heading anywhere either

Posted by Huangbk72 > 2021-09-10 14:20 | Report Abuse

pearlwhite .
"This is as far as it goes" per previous reply.

TQ
10/09/2021 2:07 PM

When you write and promote in public forum, be prepared to be measured.

Seems you lack weight....

Another one bites the dust.

Being able to write in English doesnt make you an expert.

Posted by treatshijau > 2021-09-10 14:20 | Report Abuse

the potential is there
just need some time
the time will come

Posted by Stockisnotfun > 2021-09-10 14:24 | Report Abuse

EY don't let me disappoint on your services. Speak the truth.

Posted by treatshijau > 2021-09-10 14:27 | Report Abuse

everyone have their own preference
just don't go overboard
need to be wise


Posted by Hop333 > Sep 10, 2021 2:20 PM | Report Abuse

Guys, if you're worried.... scared, go elsewhere. Tenaga would be a good option for you :)

No point getting people to follow you when you're not heading anywhere either

Posted by pearlwhite > 2021-09-10 14:31 | Report Abuse

.
As for Huangbk72, this is what I would say to you as a person.

If you are the management of a company and there is a crisis, you will sink the company. You are a panicky individual.

You have shown nothing but negativity (yes I understand your situation) and didn't take the rational approach to engage in ways either to identify the causes and attempt to explain how it happened. In fact, you did not do any investigative work at all. Its all jump in the bandwagon and protest.

You make assumptions based on emotions of the consequence that befell on you, as a person. Not as an investor.

In real life, you are not a leader nor able to withstand the vigours of running mega corporations, projects, etc etc.

Take this as a piece of advice.

And if you think that some disagreements here and there means lacks weightt and bites the dust, then you haven't been there yet.

Thanks.

Posted by treatshijau > 2021-09-10 14:34 | Report Abuse

just need some time
then it will be revealed
0.50 next week?


Posted by Stockisnotfun > Sep 10, 2021 2:24 PM | Report Abuse

EY don't let me disappoint on your services. Speak the truth.

Posted by Hop333 > 2021-09-10 14:36 | Report Abuse

Maybe.............. Serba will reveal some details about the audit matter? After market closed?

Posted by freddiehero > 2021-09-10 14:37 | Report Abuse

reveal apa? now is downtrend kan?

Posted by Nikmon > 2021-09-10 14:38 | Report Abuse

Auditor is the best fren of investor to ensure a company report are clean, they obligated to tell the truth. So investor can sue them if found they fail to play their role or hide the issue..so no worry.

Stockisnotfun EY don't let me disappoint on your services. Speak the truth

Posted by freddiehero > 2021-09-10 14:38 | Report Abuse

start Mario jump. from 4.50 until 0.385 kan?

Posted by freddiehero > 2021-09-10 14:38 | Report Abuse

correct me?

Posted by Huangbk72 > 2021-09-10 14:39 | Report Abuse

You really have to look into a mirror.

All you have posted for the past few days is full of conjunctures, fake news, nonsense.. If it makes sense, i would not have replied to your post.

When asked in detail, you simply brush away and hide. Behaving like an eel, does it show your capability.

Look at my posting since July.. i have remained steadfast in my findings. Never waver never change.. Its not called panicky, its called resolve.

You have been measured and found lack of weight, so your advice, pls keep to yourself.
10/09/2021 2:38 PM

pearlwhite .
As for Huangbk72, this is what I would say to you as a person.

If you are the management of a company and there is a crisis, you will sink the company. You are a panicky individual.

You have shown nothing but negativity (yes I understand your situation) and didn't take the rational approach to engage in ways either to identify the causes and attempt to explain how it happened. In fact, you did not do any investigative work at all. Its all jump in the bandwagon and protest.

You make assumptions based on emotions of the consequence that befell on you, as a person. Not as an investor.

In real life, you are not a leader nor able to withstand the vigours of running mega corporations, projects, etc etc.

Take this as a piece of advice.

And if you think that some disagreements here and there means lacks weightt and bites the dust, then you haven't been there yet.

Thanks.
10/09/2021 2:31 PM

Posted by risekita8 > 2021-09-10 14:40 | Report Abuse

Will Bursa allow them to manipulate?

Sure cannot right?

Posted by Stockisnotfun > Sep 10, 2021 2:24 PM | Report Abuse

EY don't let me disappoint on your services. Speak the truth.

Posted by pearlwhite > 2021-09-10 14:40 | Report Abuse

Huangbk72,

It stops here. Move on with your life and take a break to cool down your emotions.
.

Posted by GoodBoy > 2021-09-10 14:41 | Report Abuse

Focus Malaysia write up is to boost shareholders confidence only ... Someone could be worrying of getting into forced selling if the share price keep dropping ...

Posted by Huangbk72 > 2021-09-10 14:41 | Report Abuse

pearlwhite Huangbk72,

It stops here. Move on with your life and take a break to cool down your emotions.
.
10/09/2021 2:40 PM

I stop replying to your post if its true.

Other than that, it goes on.

Posted by treatshijau > 2021-09-10 14:42 | Report Abuse

take or break
0.50 coming
buy buy buy

Posted by risekita8 > 2021-09-10 14:42 | Report Abuse

Still not moving from 0.385

People are waiting for any news on SD

Posted by suprnoob > 2021-09-10 14:43 | Report Abuse

Keep on writing pearlwhite!

Posted by pearlwhite > 2021-09-10 14:45 | Report Abuse

.
Dear SD investors,

Do you think SD is more valuable than Armada?

.

Posted by tomtom > 2021-09-10 14:48 | Report Abuse

Keep on writing also no point, that can't make sb to go up, still 6 pm as well...

Posted by tomtom > 2021-09-10 14:49 | Report Abuse

break down 0.38 today.....karooom may face margin call games..

Posted by LuckyBertuah > 2021-09-10 14:51 | Report Abuse

Jahanam serbadk...aduh...abis la semua...dammm shit

Posted by tomtom > 2021-09-10 14:51 | Report Abuse

Friday most of the bilis will lari lari kuat kuat, to prevent sb crash on Monday..