Posted by Gerrardo > 2021-11-17 16:47 | Report Abuse

Serba Dinamik committed to pay US$7.0mil coupon payment
Author: savemalaysia Publish date: Sun, 14 Nov 2021, 5:43 PM

KUALA LUMPUR: Serba Dinamik Holdings Bhd says it is committed to fulfilling the coupon payment for its US$222 million sukuk.

The company, in a filing to Bursa Malaysia, clarified that the coupon payment due on November 9 this year was about US$7.0 million and not US$9.45 million reported by a business portal.

"Serba Dinamik has engaged and sought advice from our legal counsel as well as wrote to the sukuk agent to notify the sukuk holders on the correct amount due," it said.

Serba Dinamik said under the terms of agreement, the company has a 30-day period from the non-payment due date to cure and pay the overdue coupon obligations before triggering any dissolution event (event of default).

"We are also proactively engaging all stakeholders to provide timely updates and clarifications as and when required," Serba Dinamik added.

Serba Dinamik extends its guarantee that it has no intention to default on the coupon payment and is taking all necessary steps to remedy the matter within the stipulated timeline.

Meanwhile, Malaysian Rating Corp Bhd (MARC) said the missed coupon payment signified liquidity stress faced by Serba Dinamik.

On this basis, MARC views that Serba Dinamik's ability to meet its financial obligations will continue to be strained.

Accordingly, the rating agency removed the ratings of Serba Dinamik's Islamic Commercial Papers and Islamic Medium-Term Notes Programme (ICP/IMTN) programmes from MARCWatch Negative and downgraded the ratings to MARC-4IS/BBIS.

"The outlook on the IMTN programme is negative. MARC will reassess the ratings upon a review of the statutory audited accounts, which will be issued by the extended deadline of November 30, 2021 and other relevant findings," it said.

MARC said the concern on the protracted delay to resolve Serba Dinamik's audit issues had now been compounded by the missed semi-annual coupon payment on the outstanding US$222 million senior sukuk issued by its wholly-owned indirect subsidiary, SD International Sukuk Ltd.

"The coupon payment became due on November 9, 2021. MARC has been informed by the issuer that it is seeking to make good on the payment within the 30-day grace period before an event of default is declared.

"Nonetheless, in light of this development, the rating agency notes that a cross default could be triggered on the borrowings under the ICP/IMTN programmes under which the outstanding of RM100 million ICPs is due in May 2022," it added.



https://www.nst.com.my/business/2021/11/745312/serba-dinamik-committed-pay-us70mil-coupon-payment

Share this
https://klse.i3investor.com/m/blog/savemalaysia/2021-11-14-story-h1593839287-Serba_Dinamik_committed_to_pay_US_7_0mil_coupon_payment.jsp
Share on Facebook Tweet This Share on Google+
Labels: SERBADK
Related Stocks

Stock Name Last
SERBADK 0.35

Posted by Tibbers > 2021-11-17 16:49 | Report Abuse

Lol auditing has it's own standards that need to follow, and it is same to every other audit firm out there. Those significant amount if cant be vouch/no proof, ofcourse it is a fake transaction. Most likely EY are in the same opinion as KPMG. you think those big 4 firm want to risk their signature over shoplot company meh. since sebak not allow EY to share the findings/review, EY must be in same opinion as KPMG. LMAO. ready to karam with karim. haha

Posted by Stocksafeplayer > 2021-11-17 16:50 | Report Abuse

My understanding is, numerous issues for ie

(1) Suspended trading bcos of SIR pending.

(2) Late submission of audited accounts already extended & approved by Bursa/SC till 30 Nov, as reported.

(3) New shxt now ie Missed coupon payment which was due 9 Nov has 30-day Grace Period…..Serba Karim confirmed paying kah?

(4) Waiting …. When & what is outcome of SC’s reported ongoing ‘investigations’?

(5) Some of us abit worried whether serba can pay the oustanding bond amount under USD sukuk due in May 2022?

(6) All waiting for Bursa to uplift trading suspension

Posted by risingstar21 > 2021-11-17 16:52 | Report Abuse

Is this confirmed?

Posted by solomolo > Nov 17, 2021 4:12 PM | Report Abuse

.............

Serba Dinamik Holdings Bhd has been granted a one-month extension by Bursa Malaysia to issue its annual report, including its audited financial statements and the auditors’ and directors’ reports for the financial year ended June 30, 2021.

The new deadline, is Nov 30.

https://www.freemalaysiatoday.com/category/nation/2021/10/26/serba-din...

Posted by risingstar21 > 2021-11-17 16:53 | Report Abuse

If it is true they got extension for AR, how about ghe the SIR?

Any updates on that?

Posted by Huangbk72 > 2021-11-17 16:54 | Report Abuse

Regardless if any audit firm ...

Deloitte
PwC
BDO
RSM
Grant Thornton
Nexia International
Crowe Horwath
Baker Tilly
etc etc etc

Will have same findings as KPMG and EY.

I have said.. get used to the idea of 100% loss on SD investment.. will be better when it happens.. program your mind to lessen the pain.


Layman2020 So you also think the outcome will be the same as KPMG and EY?

Posted by solomolo > 2021-11-17 16:56 | Report Abuse

...................

The Board of Directors (“the Board”) of Serba Dinamik Holdings Berhad (“the Company”) wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has via its letter dated 25 October 2021, approved the Company’s application for extension of time of one (1) month from 31 October 2021 until 30 November 2021 to issue the Company’s Annual Report that includes the Annual Audited Financial Statements together with the Auditors’ and Directors’ Reports for the financial period ended 30 June 2021 pursuant to Paragraph 9.23(1) of the Main Market Listing Requirements of Bursa Securities.

This announcement is dated 25 October 2021.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3203294

...............................

Posted by superrr > 2021-11-17 16:56 | Report Abuse

Let delaying sb for longer to 31 DEC I also don't think it can solve A/C problem, Fake that it will never become real..

Posted by dimmubroker > 2021-11-17 16:59 | Report Abuse

That is why currently SCIB also in status quo condition.

Posted by superrr > Nov 17, 2021 4:14 PM | Report Abuse

SCIB business is completely connected to sb, so it also faced A/C problem and was suspended by SC. This has shown to be a big problem. It's destined to be unsolved...Gone case..

Posted by solomolo > 2021-11-17 16:59 | Report Abuse

Remember guys..EY is not registered with audit board...so no need is sign.. only Nexia registered with audit board...hehe

Posted by dimmubroker > 2021-11-17 16:59 | Report Abuse

For those who have stocks in SCIB, need to follow the current updates on SD.

That is for sure.

Posted by ǷearlꙌhite > 2021-11-17 17:00 | Report Abuse

.
Just an update to a previous post on which States and Government agencies are collaborating with Serba Dinamik (now includes recent AI announcement)

Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD
Oct 26, 2021 11:51 AM

State Governments
Malacca, Terengganu, Kelantan, Sabah, Sarawak

Malaysian Government Ministries/Agencies
Agensi Angkasa Malaysia (MYSA), Ministry of Science, Technology & Innovation (MOSTI), Malaysian Communications and Multimedia Commission (MCMC).

Petronas continues to be giving jobs to Serba as a Preferred Vendor
.

Posted by tradersampah > 2021-11-17 17:06 | Report Abuse

Where is the 'DO'? mengalahkan ceo dh ang ni bro

ǷearlꙌhite .
Just an update to a previous post on which States and Government agencies are collaborating with Serba Dinamik (now includes recent AI announcement)

Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BHD
Oct 26, 2021 11:51 AM

State Governments
Malacca, Terengganu, Kelantan, Sabah, Sarawak

Malaysian Government Ministries/Agencies
Agensi Angkasa Malaysia (MYSA), Ministry of Science, Technology & Innovation (MOSTI), Malaysian Communications and Multimedia Commission (MCMC).

Petronas continues to be giving jobs to Serba as a Preferred Vendor
.

Posted by alieyasmart > 2021-11-17 17:08 | Report Abuse

Public Bank and SD are good buddies.

We can see almost all analysis by Public Bank supported SD

Posted by Beautyseeker > Nov 17, 2021 4:07 PM | Report Abuse

Eager to see next analysis by Public Bank on SD.

Should hold again?

Posted by IdleMoney66 > 2021-11-17 17:08 | Report Abuse

Karim = Icon of Bumiputera Entrepreneur

Posted by alieyasmart > 2021-11-17 17:08 | Report Abuse

Is there any statements or news on this?

Posted by leno > Nov 17, 2021 4:11 PM | Report Abuse

u go bursa and ask bursa to ask sebak to announce whether they did submit for another postponement or not.

Posted by tradersampah > 2021-11-17 17:09 | Report Abuse

doesnt matter now how billion of project they have right now, still useless if share still 'suspend'

Posted by Layman2020 > 2021-11-17 17:10 | Report Abuse

I believe Nexia AR can give an ending to the trade receivables issues soon, I hope for a win win situation outcome, but the kid standard editing quality UAE company's website still haunted me every night . Just like此地无银三百倆, 失败

Posted by dianatrader > 2021-11-17 17:11 | Report Abuse

For me the best way is they both need to coordinate each other to settle this.

Posted by Beautyseeker > Nov 17, 2021 4:11 PM | Report Abuse

Bursa has its own power to control it.
SD has its own right to use also.

At the end,we just want to see them settle this situation

Posted by BobAxelrod > Nov 17, 2021 1:06 PM | Report Abuse

Bursa is a Trading platform for investors and companies easy access. If SC as watchdog is not exercising Rules, what good would that be? Good for Table tricks?

Posted by Honesty > 2021-11-17 17:17 | Report Abuse

It is a really funny to see the by standers impatiently wanting the counter to open while the share holders is chilling without any stress ~~ wakakaka

Posted by hanna20 > 2021-11-17 17:17 | Report Abuse

This is good when they put their commitment on it.

Now they must put commitment to settle the SIR too.

Posted by Gerrardo > Nov 17, 2021 4:47 PM | Report Abuse

Serba Dinamik committed to pay US$7.0mil coupon payment
Author: savemalaysia Publish date: Sun, 14 Nov 2021, 5:43 PM

KUALA LUMPUR: Serba Dinamik Holdings Bhd says it is committed to fulfilling the coupon payment for its US$222 million sukuk.

The company, in a filing to Bursa Malaysia, clarified that the coupon payment due on November 9 this year was about US$7.0 million and not US$9.45 million reported by a business portal.

"Serba Dinamik has engaged and sought advice from our legal counsel as well as wrote to the sukuk agent to notify the sukuk holders on the correct amount due," it said.

Serba Dinamik said under the terms of agreement, the company has a 30-day period from the non-payment due date to cure and pay the overdue coupon obligations before triggering any dissolution event (event of default).

"We are also proactively engaging all stakeholders to provide timely updates and clarifications as and when required," Serba Dinamik added.

Serba Dinamik extends its guarantee that it has no intention to default on the coupon payment and is taking all necessary steps to remedy the matter within the stipulated timeline.

Meanwhile, Malaysian Rating Corp Bhd (MARC) said the missed coupon payment signified liquidity stress faced by Serba Dinamik.

On this basis, MARC views that Serba Dinamik's ability to meet its financial obligations will continue to be strained.

Posted by dianatrader > 2021-11-17 17:18 | Report Abuse

This is fact. Agree on that too.

Posted by tradersampah > Nov 17, 2021 5:09 PM | Report Abuse

doesnt matter now how billion of project they have right now, still useless if share still 'suspend'

Posted by ǷearlꙌhite > 2021-11-17 17:19 | Report Abuse

.
Dear fellow DirectMessages users,

I understand the fear of being "cancelled" by the woke culture if you decide to post anything in this forum. However, you would have noticed that the cancel culture always try to belittle you by calling you nasty names, jeers, bring mean and etc.

As you are well aware, that is counterproductive to themselves as they just reinforce the notion that they bring nothing to the table. All time is spent cancelling others that do not agree with them. They nick pick on irrelevant matters.

My advice is for you to focus on the big picture, the issues at hand and do not get distracted with nonsense.

Please feel free to take my articles and circulate to your Telegram/Whatsapp and other forums you visit.

The time to move is now. Lets make it happen.
.

Posted by dianatrader > 2021-11-17 17:19 | Report Abuse

Actually it is a loss to SD while having good business going on, but their counter is suspended.

Imagine how the price will be if they are not suspended

Posted by hanna20 > 2021-11-17 17:20 | Report Abuse

It is also funny when see so many people want it to be delisting.

Posted by Honesty > Nov 17, 2021 5:17 PM | Report Abuse

It is a really funny to see the by standers impatiently wanting the counter to open while the share holders is chilling without any stress ~~ wakakaka

Posted by Honesty > 2021-11-17 17:23 |

Post removed.Why?

Posted by Honesty > 2021-11-17 17:25 | Report Abuse

Pn17, bankrupt la, delist, go to jail la … all this nonsense is really funny !! I guess shop lot business just arent that creative in talking trash~~

Posted by kamirise360 > 2021-11-17 17:25 | Report Abuse

But today, almost 700 counters going downtrend - red.

Is there any big thing happened actually?

Posted by risekita8 > 2021-11-17 17:31 | Report Abuse

Yes. They are using very immature and harsh calls

Ridiculous

Posted by ǷearlꙌhite > Nov 17, 2021 5:19 PM | Report Abuse

.
Dear fellow DirectMessages users,

I understand the fear of being "cancelled" by the woke culture if you decide to post anything in this forum. However, you would have noticed that the cancel culture always try to belittle you by calling you nasty names, jeers, bring mean and etc.

As you are well aware, that is counterproductive to themselves as they just reinforce the notion that they bring nothing to the table. All time is spent cancelling others that do not agree with them. They nick pick on irrelevant matters.

My advice is for you to focus on the big picture, the issues at hand and do not get distracted with nonsense.

Please feel free to take my articles and circulate to your Telegram/Whatsapp and other forums you visit.

The time to move is now. Lets make it happen.

Posted by kamirise360 > 2021-11-17 17:32 | Report Abuse

Those wishes were made by the naysayers

Posted by Honesty > Nov 17, 2021 5:25 PM | Report Abuse

Pn17, bankrupt la, delist, go to jail la … all this nonsense is really funny !! I guess shop lot business just arent that creative in talking trash~~

Posted by Huangbk72 > 2021-11-17 17:33 | Report Abuse

LOL….

All of us nit pick on SIR

While u busy zit picking.. ahh.. wonderful to hit puberty

Posted by risekita8 > 2021-11-17 17:35 | Report Abuse

And suddenly the gloves getting big uptrend today.

TG and Supermax getting up by more than 0.05 today, and most likely will closing green today

Posted by kamirise360 > Nov 17, 2021 5:25 PM | Report Abuse

But today, almost 700 counters going downtrend - red.

Is there any big thing happened actually?

Posted by InterFund® > 2021-11-17 17:42 | Report Abuse

Come back in 2030...................... Don't waste your time........................

Posted by Stockisnotfun > 2021-11-17 17:43 | Report Abuse

Hello Karim? Are you playing on Kpower table now?

Posted by IdleMoney66 > 2021-11-17 18:36 | Report Abuse

Karim is icon of Bumiputera entrepreneur

Posted by IdleMoney66 > 2021-11-17 18:37 | Report Abuse

MMCcorp already delisted from Bursa. Syed Mokhtar earn enough from the market. They know malaysia market is immature. No point to keep listing on Bursa.

Posted by IdleMoney66 > 2021-11-17 18:38 | Report Abuse

Serba could be the next. Wait for privatisation from Karim,

Posted by TryMakeGoodBuy > 2021-11-17 18:40 | Report Abuse

Dear Ms Pucat aka Pearlwhite

Now you say not to call names.
Please read your own history.
You are the one who has been doing it.

I also notice the change of tune.
You have been giving all inside news.
Suddenly you seems not too sure.

Let me enlighten you.
Audit Accounts this month end will not come out without SIR.
If account come out without SIR then SD have rightfully sued KPMG and EY.
I think nexia will be more prudent than this.

SD has prevented EY to access its documents and EY needs to go to SC to get documents to complete it SIR.
SD now has taken interim injunction to prohibit Bursa and EY to disclose SIR.

SD has been hit by wave and wave of bad news which are reported by the reputable The Edge.
I think the dead also need to wake up and run and sell to promoters.

Yours faithfully,
Low Yat Mentality

Posted by Airline Bobby > 2021-11-17 19:04 | Report Abuse

Conmen ~

Posted by InterFund® > 2021-11-17 19:14 | Report Abuse

SERBADK employers still getting paid or no...............? Shop lot company..................

Posted by Stocksafeplayer > 2021-11-17 19:15 | Report Abuse

Well written @TMGB… TQ

Posted by Stocksafeplayer > 2021-11-17 19:21 | Report Abuse

Read latest news from Edge Markets (don’t listen to fake stories & unprofessional contents from Pearl White)

https://www.theedgemarkets.com/article/end-standoff-serba-dinamik-should-make-ey-review-public-prove-it-has-nothing-hide

Posted by wongchin > 2021-11-17 19:22 | Report Abuse

How to privatise sd? Give me free of charge i also i dont want. The mountain debt who is going to pay?? U pay ka?? Use common sense la bro.

Posted by IdleMoney66 > 2021-11-17 20:11 | Report Abuse

The debt is better than AAX. What is debt nowadays? Look at US Fed and Evergrande

Posted by IdleMoney66 > 2021-11-17 20:15 | Report Abuse

Karim - 21.23
Abdul Kadier - 16.33
Left 62.44% which 2327 millions number of share

Posted by IdleMoney66 > 2021-11-17 20:16 | Report Abuse

1 billion can overtake this company into private

Posted by bobvic96 > 2021-11-17 20:30 | Report Abuse

IdleMoney66 1 billion can overtake this company into private
17/11/2021 8:16 PM

The thing is, if there has been fraudulent accounting, etc. carried out by Serba as many suspect, the law has been transgressed and some people will have to pay the price for that.

The BOD should step down and maybe the company can be salvaged.

Posted by InvestorKING > 2021-11-17 20:51 | Report Abuse

Good news to real investors who still holding the SD tickets, it is believed that Fong siling and/or KYY will buy this counter. My friend who closed to them, was told by them that they are ready for it.

Either one of them can easily buy 30m value worth of shares.

Btw, don't think warren buffet will buy this stock, only local players are going in

Posted by BearBear6115 > 2021-11-17 20:56 | Report Abuse

so will it be positive when the suspend lifted ?

Posted by Hop333 > 2021-11-17 21:02 | Report Abuse

Hahahahaha, the comment is so funny!

Guys, debt is pretty normal for companies... even alot companies with high gearing ratio

+

High earning companies doesn't mean share price will shoot up as well