At least today gt some news abt QR and SIR. Hopefully QR is sign by auditor Nexia n nt the sendiri tulis sendiri syiok one. Js my 2 cents. Dt be serious frd.
. Name me a handful of listed companies in M'sia where auditor sign QR. TQ.
wongchin At least today gt some news abt QR and SIR. Hopefully QR is sign by auditor Nexia n nt the sendiri tulis sendiri syiok one. Js my 2 cents. Dt be serious frd.
Home Business News Serba Dinamik looking at fast cash-generating projects Serba Dinamik looking at fast cash-generating projects
Thursday, September 23rd, 2021 at Business | News Independent review by EY into issues raised by its former external auditors is expected to be completed by next month
by NUR HANANI AZMAN / Pic by TMR FILE PIX
SERBA Dinamik Holdings Bhd is in “business as usual” mode with all operations put on close monitoring for compliance to the environmental, social and governance (ESG) framework.
Group MD and CEO Datuk Dr Mohd Karim Abdullah said the company is tapping into orders that can generate fast cash income, especially from projects related to information and communications technology (ICT), and operations and maintenance (O&M) jobs.
“The business outlook is fairly optimistic, but dependent on the Covid-19 pandemic situation,” he told The Malaysian Reserve.
With sustainability issues gaining prominence in the corporate sector, the group is aware ESG has become the yardstick by which most institutional investors make their investment decisions.
Mohd Karim said Serba Dinamik’s upcoming quarter results are scheduled to be announced on Sept 29.
The company changed its financial year end from Dec 31, 2020, to June 30, 2021, due to extension of the Movement Control Order in Malaysia and lockdowns in other countries that hampered the group’s ability to finalise its financial statements.
Despite its accounting issues, Serba Dinamik registered a net profit of RM113.32 million on the back of RM1.38 billion in revenue for the fifth quarter ended March 31, 2021.
The company’s O&M segment was the largest contributor to the revenue, at RM1.26 billion or 90.5% of the total revenue.
Mohd Karim said the independent review by Ernst & Young
Consulting Sdn Bhd (EY) into the issues raised by its former external auditors, KPMG Ltd, is ongoing and expected to be completed by October 2021.
“The report will be submitted to Bursa Malaysia,” he added.
The integrated oil and gas service provider appointed EY in July as its independent reviewer to assess the veracity of the audit issues raised by KPMG.
Its independent non-Eds have been receiving progress updates from EY on a biweekly basis, Mohd Karim said.
The scope of works calls for EY to assess the validity and veracity of the transactions and balances on sales, trade receivables and materials on sites with respect to 11 identified customers, and to quantify any possible financial impact.
It is also looking into purchases from six local suppliers; IT contracts and transactions involving six customers and two suppliers, as well as the revenues and costs involved; and the transactions and balances involving one customer and one supplier in Bahrain.
On Aug 4, Serba Dinamik announced the appointment of Nexia SSY PLT as its new external auditor.
In an exchange filing, Serba Dinamik said Nexia has received professional clearance from KPMG in accordance with Section 320 by-law of the Malaysia Institute of Accountants.
KPMG had resigned as Serba Dinamik’s external auditor on June 24 after the latter filed a court action against it.
Meanwhile, Serba Dinamik’s share price has weakened after co-founder and non-independent director Datuk Awang Daud Awang Putera was made to force sell shares according to the company’s filings.
He force sold some 12.6 million shares since Sept 8, exchange filings showed, which has put the price under fresh downward pressure.
Serba Dinamik closed three sen or 8.2% lower at 33.5 sen yesterday and is only three sen off its historic lows.
Following the disposal of the shares, Awang Daud’s stake in Serba Dinamik stands at 12.8 million shares or 0.346%.
It is also looking into purchases from six local suppliers; IT contracts and transactions involving six customers and two suppliers, as well as the revenues and costs involved; and the transactions and balances involving one customer and one supplier in Bahrain.
Sound very familiar... Block 7 was a customer... later Serba became owner of block 7... Does this work...not sure.. It happened this year and Serba claimed not related party transaction. Look like he plan for similar method to change his customers who issued contracts to serba then later owned by Serba.
I guess , this six IT customers awarded contracts to Serba and now Serba would like to buy over them.
Not sure how EY classified with this kind of transaction... Serba claim that it is not RPT cause it bought them later...
Quick win project also useless and totally unhelpful , It seems like the shop is decorated and can't get a license so can't do business , A/C problem till now can't be resolved , may face delisting risk.
no need to worries....airasia tony know how to run their bisnes..Karim also same...knowledge...marketing...most important thing to run their bisnes...maybe person from malaysia also can create facebook...google...but how to explode to make u rich..haha
walau wei kpower manage to released result. That mean SD will be able to also released result which only mean that there is a possibility that SD will not going to have major issue on audit report and possible SD also can released their financial report.
Serba need to keep cash for bond and borrowing overdue next yr... Serba Dinamik looking at fast cash-generating projects, in directly tell u that it need cash now..
Once SIR clears SD, financing not an issue already... their rating will be revised upwards by S&P... banks will rush to offer financing... that's why Karim said it's only temporary... all boils down to the SIR.
KUALA LUMPUR (Sept 23): Bursa Securities has rejected Sapura Energy Bhd’s application for a one-month extension to announce its latest quarterly results.
“The company wishes to inform that the application was unsuccessful via a letter dated Sept 22, 2021 issued by Bursa Securities to the company,” it said in a filing today.
The oil and gas (O&G) outfit submitted its application on Sept 14 for the one-month extension until Oct 30.
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
MQ Trader 463 views | 2 d ago
0:17
New IPO: An enterprise IT solutions provider that provides implementation services, maintenance, support and professional services, Vetece Holdings Bhd aims to list on the Ace Market!
MQ Trader 566 views | 6 d ago
0:17
New IPO: A manufacturing and trading of biomass fuel products, particularly PKS and wood pellets company, Elridge Energy Holdings Bhd aims to list on the Ace Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
tradersampah
1,081 posts
Posted by tradersampah > 2021-09-23 18:09 | Report Abuse
seminggu je lagi QR kluar, lepas SIR lg 4mgu...lepas tu bluechippp