Forum : Stock: [SERBADK]: SERBA DINAMIK HOLDINGS BERHAD

1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:07 | Report Abuse

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To make a meaningful impact to what kinds of articles that I wrote previously, here is a summary list of them. Please note, that they will be updated from time to time, so please make sure to get the latest ones.

1) SD Key Action Plans - To indicate what Serba Dinamik is doing to ensure that it continues with its expansion plans and governance issues.

2) SD shareholders’ makeup – To indicate the parties who have an interest in Serba Dinamik and provide insights into the takeover dynamics by 3rd parties.

3) Media Attitude towards Serba Dinamik – To indicate how the media has changed their reporting and commentaries towards Serba Dinamik after reviewing the “Factual Findings Update”.

4) Documents Seized from Serba Dinamik – To indicate to what extend investigations and level of transgressions, if any, can be derived from and the impact on Serba Dinamik’s statutory obligations.

5) Why SIR is no longer needed with the disclosure of the Annual Report 2021/21.

Please disseminate to the Whatapp / Telegram / Forum groups as you see fit.
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1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:08 | Report Abuse

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Note : Status the same @1st November 2021. Key focus is to disclose items before 30th November 2021.

@22nd November 2021
Details of Key Action Indicators. Lets run the show for the better of SD.

COMPLETED ACTIONS FROM DETAILS BELOW
- Restructure company to greater heights - more contracts/projects, focus on customer.
- Founder's legacy 1 - removed margin call risks till 10 sen and before completion of SIR.
- Manage cash flow and forecasts.
- New financing initiatives will not involve Private Placement. and Rights Issue.
- EY will provide finalised SIR to Bursa.
- Bursa to request SD to announce SIR findings.
- Complete 2020 audit and annual report as planned.
- Complete 30/9/2020 QR within time frame or earlier (1st draft out by 21/10/2021).
- Group meetings with asset / fund managers together with re-rating agencies. Initiate re-rating process..
- Meeting with current financiers. Initiate re-rating process.

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OUTSTANDING / ON-GOING

Shareholders' Mandate
- Founder's legacy 2 - restructure founder shareholdings to focus on future strategy, finance, legal - in progress

Business Development
- Re-engage lost and new customers and continue to win more contract/projects - in progress
- Provide more innovative and new products and services to customers world wide. - In progress

Operations / Project Management / Procurement
- Continue focus on delivering continue safety, operational efficiency and cost effectiveness - in progress
- Continue to delivery on projects within customers expectations and satisfaction on time.

Finance
- Manage collections and expenditures - In progress

Governance
- Issues highlighted in forum will be dealt by SC/Bursa directly with forummers. SD will have no part in time wasting activities. - In progress.
- To deliberate offer by KPMG to resolve legal issue. - In progress.
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1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:08 | Report Abuse

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Just as a reminder, as confirmed from research houses, the following hold the % in SD.

https://www.bursamarketplace.com/mkt/themarket/stock/SERB/ownership

PNB - 6.2%
EPF 5.0%

https://klse.i3investor.com/servlets/staticfile/438915.jsp - Kenanga Research
https://klse.i3investor.com/servlets/staticfile/438945.jsp - PB Invest

Accordingly, the shareholding persons/entities in SD updated @ COB 12/11/2021

Name % Shareholdings

Mohd Abdul Karim bin Abdullah 21.2
Abdul Kadier bin Sahib 16.25
Unknown Shareholder 1 * 8.80
Unknown Shareholder 2 * 4.62
Employees Provident Fund Board 4.97
Kumpulan Wang Persaraan (Diperbadankan) 4.53
Permodalan Nasional Berhad (PNB) 6.20
State Financial Secretary, Sarawak 3.38
SBB Dana Al-lhsan 1.45
Lembaga Tabung Haji 1.39
Other Institutional Funds (Minimum 2m shares) 3.50
Other Mutual Funds (More than 2m shares holdings) 7.92
Estimated Intitutional & Mutual Funds (Less than 2m shares holdings) 0.50
Retail Investors (Balance) 15.29
Total Shareholdings 100.00

* Suspected Person, Group, Provident Fund
Note : Retail Investors (Balance) holds about (‘billion) 0.5

Summary

Founder Shares - 37.45%
Government Related Funds - 32.5%
Institutional & Mutual Funds - 14.76%
Retail Investors (Balance) - 15.29%
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1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:09 | Report Abuse

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The press/media has been acting up lately. What is surprising is that with so much negativity and revelations to audit issues to missed coupon payments which are hot off the press in lighting speed for the last 5 months, something has changed since last week. Never before the tone of the media been like this for Serba Dinamik.

Just as an example, it beggars belief that TheEdge reports on 16th November 2021,

Serba Dinamik develops algorithm to identify Covid-19 through cough
https://www.theedgemarkets.com/article/serba-dinamik-develops-algorith...

While, this may be a positive news for Malaysia, why report this from a company that supposedly has governance and coupon payment issues? Begs to wonder. Even the investment community were quick to put this into the furnace as utter irrelevance to the issues at hand.

And what is more interesting is the TheEdge article on 13th November 2021,

More questions raised after Serba Dinamik's lawsuit against special independent reviewer EY
https://www.theedgemarkets.com/article/more-questions-raised-after-ser...

provided a balance view on the issues at hand. Never before have I read a single piece of news from TheEdge that considers various issues from different perspectives. Its usually a piece that puts Serba Dinamik in bad light. This article was indirectly implying that "we have to study the details from every angle and come to a reasonable and fair conclusion for all parties".

But the most crucial stunner of them all is this, MSWG's CEO decides to use FocusMalaysia to air his personal opinion on 13th November 2021.

The Serba Dinamik saga: When things come to a head
https://focusmalaysia.my/the-serba-dinamik-saga-when-things-come-to-a-...

What is striking about this is a complete lack of decisive opinion from the writer. This is very unusual, since all opinions from the writer historically has always been accompanied with some highlights of issue and actions to be taken to resolve them quickly.

"MSWG is not aware of the contents of the ‘Factual Finding Update’ and as such is unable to opine on the materiality of the findings."

Shouldn't MSWG be the one to issue a statement?

The change in media tone is apparent and there are some dead giveaways as to what is really happening behind the scenes. Writing styles do tell lies.

For one, while MSWG is not aware of the contents ‘Factual Finding Update’, that doesn't mean that MSWG's CEO isn't. His use of syntax strongly suggest that he has read and understood its contents.

For two, TheEdge's writer and/or their interviewed sources may have read and understood its contents as they questioned the legitimacy of the appointment rather than the ‘Factual Finding Update. If it was illegitimate, such findings are null and void and assumed in-complete in the end.

Key Take Away

What this means, outside the realms of the meeting, 3rd parties have read and understood the contents of the ‘Factual Finding Update'.

It also means that many of the media have been misinformed as to the actual severity of the issue and perpetuated falsehoods. Who can corroborate this?

“Directors, independent ED’s and the audit committee need to be dynamic in looking into this, as well as other aspects of the firm. The ongoing business of the company has more importance than the audit issues themselves,”.

Serba Dinamik presses on despite suspension of trading on Bursa Malaysia
https://www.freemalaysiatoday.com/category/highlight/2021/10/23/serba-...

The Independent Directors' of Serba Dinamik seem to think so.
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Note : This is another falsehood being expunged. The ultimate regulator is Securities Commission Malaysia. They have the ultimate power and makes the final decision.

End the standoff: Serba Dinamik should make EY review public to prove it has nothing to hide
https://www.theedgemarkets.com/article/end-standoff-serba-dinamik-shou...

We say this to Serba Dinamik: If the information contained in the EY Consulting review is not “material”, meaning it is not significant, why don’t you just release them to prove that you are right and that KPMG, EY Consulting and Bursa are wrong? Wouldn’t it be very satisfying to show that you have nothing to hide?

To Bursa, we say this: If Serba Dinamik refuses to release the information, the exchange should lift the suspension in the trading of Serba Dinamik shares and warrants to let the market be the judge of what it thinks about this fiasco.

Don’t be held to ransom. You are the regulator.
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1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:09 | Report Abuse

. Part 1
https://www.theedgemarkets.com/article/sc-says-serba-dinamik-probe-ong...

What kind of documents have SC seized (and still not returned up to the time of this writing)? For that, we have to make some realistic assumptions to what SD has in place. Typically, an O&G outfit is very into ERP (Enterprise Resource Planning) systems and Document Management Systems (DMS). With that, we shall explore

1) What documents that SC have given EY access to that “SD couldn’t produce or withheld from EY”;
2) The level of transgressions that such documents can lead to, if any;
3) Ramifications of such seizure of documents on SD fulfilling all of it’s statutory obligations.

1) What documents that SC have given EY access to that “SD couldn’t produce or withheld”
We shall dissect the type of documents into the following general categories for ease of understanding, according to the activities within SD namely

a) Sales and Marketing (S&M)
Typically, most documents under (S&M) consist of Invoices, Service Orders (from clients), Bid documents (and quotations), Letter of Awards and Contracts. Invoices are the only document that can be reproduced by SD from the ERP. Other official versions of documents like Bid Documents, Letter of Awards and Contracts would also be copied into DMS and copied for statutory purposes (like CoSec). Service Orders (from clients) may be also DMS, but in my experience it may not be so (unless having a copy in the email correspondences with the client or a copy being held by Procurement to raise PO) and for ISO purposes.

Likelihood of SD not producing or being withheld from EY – Low.

b) Projects, Operations and Procurement (POP)
Here is where the main activities of SD towards it’s clients are carried out. These are termed working documents. In most cases, these documents are reproduceable by SD as these can be generated by SD from the ERP system. Documents like work/service requisitions (from Projects and Operations), Delivery/Receipt Orders, Purchase Requisitions (and Vendor Quotation) are available.

What is not readily reproduceable are the reports on Project and Operations statuses. Typically, these documents exists for the purposes of BOD use, Approving Committee use and/or Statutory use. They are usually in the PowerPoint and Excel formats. These reports contain signatures of the approving personnel.

Likelihood of SD not producing or being withheld from EY – Medium.

c) Financial and Legal
Under Financial and Legal, it would reproduceable by the ERP system and documents like Payment Vouchers (which would also contain in bundle the S&M and POP documents). What would be reproduceable would be just the payment vouchers but not the supporting bundles, unless time is taken to re-construct the bundle.

What is also most likely not-reproduceable are external party documents (since most ERP system don’t cater for it). Most crucial for receipts and payments from clients and vendors respectively are the Bank Negara Forms and Bank Related forms. Whilst in typical online banking transactions, like Maybank2u or RHB Reflex, can be seen, it is line-by-line transactions unless there are queries from these banks into the nature of the receipts and remittances to and from clients/vendors.
There are some other forms that unless capturd in the DMS for ISO purposes, the likes of customs declarations forms, taxation forms for example, it is most likely not reproduceable by SD.

Likelihood of SD not producing or being withheld from EY – Medium.

d) Registered Address / Statutory
The registered address (usually the Company Secretary’s Office) would contain all the documents pertaining to senior management and BOD in the form of the meeting registers which contain all the deliberations and approval of all contract awards (with legal entities, legal and financial arrangements and financial appraisals), projects (details of project statuses, issues) and Operations (details of operation statuses, issues). Such documents provide the strategic view of how information would be reflected in the Financial Statements.

Of all the documents highlighted above, documents held by the registered address / statutory are the most important ones all because it gives SD the legitimacy and credibility for all of it’s actions. These documents are what would support or act in contrary to KPMG’s assertations

Likelihood of SD not producing or being withheld from EY – Low.

1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:09 | Report Abuse

.Part 2

2) The level of transgressions that such documents can lead to, if any;

Based on SC’s statement in TheEgde, it can be reasonably assumed that “working documents” were seized. Such documents typically would contain various type of documents that are bundled to a specific project or operation work. In such documents, we would be able to verify the approving persons and how it is eventually recorded in the Financial Statements.

Such working documents would involve low to mid-level employees of SD with occasional approval from senior management based on the Limits of Authority (LOA).

What isn’t clear from SC’s statement in TheEdge, is whether seizure was made at the registered address. If we reasonably assume that there was no seizure of such documents, it would be difficult to identify transgressions committed by Senior Management and the BOD.

Documents that are not re-producible can lead to inability to verify the correctness and authenticity of the transactions. To obtain such documents from the 3rd parties, may prove difficult especially when it involves banks and government bodies. Obtaining a CTC may be difficult but doable.

Question is, do you have the time to wait for their response?

3) Ramifications of such seizure of documents on SD in fulfilling any statutory obligations.

In a worst-case scenario where SC seized all documents in all areas, it will definitely impact SD to continue to fulfil its statutory obligations, financial obligations, project and operational obligations. In short, SD’s ability to continue as a going concern is questionable.

However, since SD was able to disclose QR 30/6/2021, we can reasonably assume that it seems that the seizure of documents was related to QR31/3/2021 and KPMG’s assertions. It is most likely client/vendor and time specific.

Would it hamper Nexia’s ability to conduct its audit? Yes, unless like EY, Nexia has made a request to verify such documents at SC’s premises.
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1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:10 | Report Abuse

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To be honest, the SIR doesn't really matter anymore. Because, SD can release the Annual Report 2020 now if they want.

What this means is that Nexia has given their opinion on the FS for 2020.

The only saving grace for Bursa/EY, is for them to make sure that all their findings are correct and is consistent with the Nexia's opinion.

The so-called updated on 30th September 2021 strongly suggests that the conclusions are consistent with Nexia's opinion.

However, asking more clarifications from SD is very prudent of them, just in case if anyone questions and does not accept the conclusions of the SIR in future (which I am sure will be many and represents 80% of the participants here) and decides to make complaints to the authorities and/or take legal action.

Markable Yes, EY also mentioned there is few more "issue" need further clarify and surely it need more time, and SD boss wanted to uplift the suspension asap to avoid further "market untrust" of SD share.

Personally thinking, releasing SIR much much more important and gain back the trust from market. I no want everyday guessing this and that, tired.
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Depeche

4,451 posts

Posted by Depeche > 2021-11-22 11:21 | Report Abuse

Will AR And SIR ever be out? Will SD be delisted? Who will be responsible if holders lose every sen due to suspension without prior warning and proof?

768 posts

Posted by amirf1221 > 2021-11-22 11:23 | Report Abuse

Nervous
Also worry at the same time
Hope for the best

768 posts

Posted by amirf1221 > 2021-11-22 11:26 | Report Abuse

Anything is possible
But sure have many other options too
Will see how they handle it

Posted by Depeche > Nov 22, 2021 11:21 AM | Report Abuse

Will AR And SIR ever be out? Will SD be delisted? Who will be responsible if holders lose every sen due to suspension without prior warning and proof?

BobAxelrod

8,255 posts

Posted by BobAxelrod > 2021-11-22 11:28 |

Post removed.Why?

BobAxelrod

8,255 posts

Posted by BobAxelrod > 2021-11-22 11:29 | Report Abuse

Tourist.....sight seeing only....

Posted by amirf1221 > Nov 22, 2021 11:26 AM | Report Abuse

Anything is possible
But sure have many other options too
Will see how they handle it

1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:31 | Report Abuse

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Now lets have a revelation of some short for the coming end of November 2021. Some may have figured it out, but many haven't at this point of time.

Some of you may have realised by now, if it is not clear to you (attention to details is important to press releases or media articles), that even with the disclosure of an unqualified AR 2020/21, Serba Dinamik will still be suspended from trading.

Yes, Serba Dinamik will still be suspended from trading. Even if QR 9/2021 is disclosed, it will still be suspended.

You have to wait for the court case and you will have to wait for SC's decision on the matter.
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2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:31 | Report Abuse

@Pearl white, whatever you talk is talk cock only. We do not care how much business SD will create, how good is SD future, what is most important now, is when SD can announce SIR. That is it. If no SIr, no trading as easy as that. Even SD earm USD 1000000000000000000000000000000 billion but without announcing SIr, no trading allowed. You faham keh, keep talking rubbish here.

-------------------------------------------------------------------------------------------
ǷearlꙌhite .
To make a meaningful impact to what kinds of articles that I wrote previously, here is a summary list of them. Please note, that they will be updated from time to time, so please make sure to get the latest ones.

1) SD Key Action Plans - To indicate what Serba Dinamik is doing to ensure that it continues with its expansion plans and governance issues.

2) SD shareholders’ makeup – To indicate the parties who have an interest in Serba Dinamik and provide insights into the takeover dynamics by 3rd parties.

3) Media Attitude towards Serba Dinamik – To indicate how the media has changed their reporting and commentaries towards Serba Dinamik after reviewing the “Factual Findings Update”.

4) Documents Seized from Serba Dinamik – To indicate to what extend investigations and level of transgressions, if any, can be derived from and the impact on Serba Dinamik’s statutory obligations.

5) Why SIR is no longer needed with the disclosure of the Annual Report 2021/21.

Please disseminate to the Whatapp / Telegram / Forum groups as you see fit.

2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:33 | Report Abuse

@ pearl white, please do not tell us what is SD plan , this and that. tell us when sir will be announced ？ after release trading, then you may continue to talk about SD plan , how good is SD, how much business they will create in future. Dont terbalik yeah. if talk terbalik, you only talk cock

2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:34 | Report Abuse

cannot trading , still tell us how good is SD, how much project they will get, so funny.

2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:37 | Report Abuse

@ peralwhite, tell your boss yeah. No wonder you said Karem got a superb advisors around him to advise. for me, these superb advisors just like you。 Talk something that doesn't help. you talk all good good thing about SD, share price will up keh ? now cannot trading , so talk so many good thing, it is equal to rubbish talk. Superb Pearl White

1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:37 | Report Abuse

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The 14th day of 9th November 2021 is tomorrow. TheEdge should be standing by to crack a piece at lighting speed if Serba Dinamik does not make the USD7.0million coupon payment.

Or maybe it won't, if Serba Dinamik pays.

After all, they did say within two weeks.
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768 posts

Posted by amirf1221 > 2021-11-22 11:38 | Report Abuse

All got respective plan
But need concrete one
Without proper execution, hard to recover

BobAxelrod

8,255 posts

Posted by BobAxelrod > 2021-11-22 11:38 |

Post removed.Why?

2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:38 | Report Abuse

@ superb pearlwhite, you talk until part 10, SD still cannot trading, share price keep at 0.35. save your energy. Do something more constructive

535 posts

Posted by value_seeker > 2021-11-22 11:39 | Report Abuse

She is part of the investors stuck in. Now need to find a way. Honesty and her very hard work. Still lots to distribute to all. Now not sure at what price.

1,652 posts

Posted by ǷearlꙌhite > 2021-11-22 11:40 | Report Abuse

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A Statement of Action from the Supporters of CEO Karim and Serba Dinamik Berhad.

We have been aware and would officially state that we will deny and prevent the hostile takeover of Serba Dinamik Berhad through guerilla tactics.

We the mutual and institutional funds and retail investors in support of CEO Karim and Serba Dinamik Berhad would ensure that the current Board and Management and great team at Serba Dinamik Berhad would continue in the foreseeable future.

We will maintain more than 2/3 of overall share support for CEO Karim and Serba Dinamik Berhad.

Thank you.

PS : Using the regulatory bodies to force Serba Dinamik Berhad into a checkmate position for takeover will also be denied by us.

2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:40 | Report Abuse

@super pearl whitre, you dont even know what is priority, the priority is when SD announce SIr, so SD can trading again. Faham keh ? talk rubbish whole day, for what, share price will increase keh????

Burstard

183 posts

Posted by Burstard > 2021-11-22 11:41 | Report Abuse

I think some people here still dreaming

535 posts

Posted by value_seeker > 2021-11-22 11:43 | Report Abuse

Pearl can support. We all can support but one thing ask all the backer to push the share price back to 2. All are losing a lot in the stock we want to trade and get back our money. Any suggestion?

768 posts

Posted by amirf1221 > 2021-11-22 11:45 | Report Abuse

Time will tell
So exciting
Will it be another cycle?

2,219 posts

Posted by OpporturnityHunter > 2021-11-22 11:45 | Report Abuse

Dear Superb Pearl white, if karem cannot manage the company, i think we all support someone replace him. why you put the below, you think we will kesian karem and ask him to stay in the management, we want him to leave management. naive. put the below here for what , so funnty
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ǷearlꙌhite .
A Statement of Action from the Supporters of CEO Karim and Serba Dinamik Berhad.

We have been aware and would officially state that we will deny and prevent the hostile takeover of Serba Dinamik Berhad through guerilla tactics.

We the mutual and institutional funds and retail investors in support of CEO Karim and Serba Dinamik Berhad would ensure that the current Board and Management and great team at Serba Dinamik Berhad would continue in the foreseeable future.

We will maintain more than 2/3 of overall share support for CEO Karim and Serba Dinamik Berhad.

Thank you.

535 posts

Posted by value_seeker > 2021-11-22 11:45 | Report Abuse

As long as Karim can keep share price going up to higher price 2 till 8 then split again we are happy. Another thing is good dividend 30- 70 cents. All investors are happy. However, now all stuck at the counter cannot trade and price only 0.35 how to be happy. How can support?