Posted by risingstar21 > 2021-12-15 17:15 | Report Abuse

Referring to harry porter. haha

Posted by BobAxelrod > Dec 15, 2021 12:09 AM | Report Abuse

Harry Potter has just reported to the Head Wizard. He has lost a wand that will make *unreal* things become real and *real* things even more real......

Words and figures would be magically erased from books and everyone shall be awaken to a new day when all things are perfectly in the right place, bank accounts are flush with funds, coupons are paid when due, AR signed off and announced. The wand is the most powerful tool in the whole universe....and might be able to find in Bolihland too!

Posted by kamirise360 > 2021-12-15 17:18 | Report Abuse

For now, just hope the suspension can be uplift first.

Posted by amirf1221 > Dec 15, 2021 10:15 AM | Report Abuse

I sense that we're searching for the performance like before
Hoping for the best
Hope will materialize soon

Posted by kamirise360 > 2021-12-15 17:19 | Report Abuse

Later we can talk about the plan and future performance potentials.

Settle the current issue now

Posted by hijau belalang > 2021-12-15 17:19 | Report Abuse

lifting the suspension
reveal the report
win the case

Posted by hijau belalang > 2021-12-15 17:20 | Report Abuse

but more things need to be done
trust is one thing
performance is the another

Posted by risingstar21 > 2021-12-15 17:22 | Report Abuse

Is there any news or update regarding the bankers on this?

Posted by shareinvestor888 > Dec 15, 2021 6:47 AM | Report Abuse

Now loan repayment is no longer the the issue.
The issue now is serba already defaulted on its coupon payment.

Now up to its bankers and/or bondholders to decide whether to proceed to declare an EOD or not

Posted by MiaoMiao7 > 2021-12-15 17:25 | Report Abuse

100% loss. This pearlwhite is delusional just like karim. Already unofficial PN17, what to hope for? Just move on, karim lied.

Posted by Gerrardo > 2021-12-15 17:26 | Report Abuse

But you still here speculating it?

Posted by superrr > Dec 15, 2021 9:45 AM | Report Abuse

Not need to speculate the situation of sd anymore , already know it is hopeless from any aspect...

Posted by Gerrardo > 2021-12-15 17:27 | Report Abuse

Why got people who are really said SD is not good, is bad, no hope and whatsoever, but still actively commenting in here?

Got so many free time?

Posted by risekita8 > 2021-12-15 17:29 | Report Abuse

Good info.

Posted by wongchin > Dec 15, 2021 4:07 PM | Report Abuse

Bobvic share the most useful comment today. Thanks

Posted by Beautyseeker > 2021-12-15 17:32 | Report Abuse

I don't think Karim will just walk away like that.

Posted by BobAxelrod > Dec 15, 2021 12:38 AM | Report Abuse

You think it's just so simple to pat your hands and walk away now....?

Posted by Beautyseeker > 2021-12-15 17:33 | Report Abuse

He must stand still and settle all of this.

This is not just about SD, but it will also affecting his reputation.

For me, he should stand and do anything to overcome this problem first.

Posted by risekita8 > 2021-12-15 17:34 | Report Abuse

Many whom still holding SD shares, praying for it

Posted by InterFund® > Dec 15, 2021 9:59 AM | Report Abuse

Limit up in the making............................

Posted by RexKing > 2021-12-15 17:35 | Report Abuse

If Bursa lifting the suspension there will be many SD1, SD2, SD3 and so on doing the same thing as SD. What Bursa doing is to protect investor money. Sapura Energy lose billion riggit but it can provide audited clear loss AR.

Posted by wolfbroker > 2021-12-15 17:38 | Report Abuse

Still no start, just waiting for the ending of suspension

Posted by amirf1221 > Dec 15, 2021 9:39 AM | Report Abuse

A new start foe today
Any progress?

Posted by SHQuah > 2021-12-15 17:41 | Report Abuse

Just wait until 31 December 2021 for Annual Report. Cannot do anything. It's all Karim fault.

Posted by dimmubroker > 2021-12-15 17:44 | Report Abuse

Just stay hold and read all the comments calmly

Posted by SunnySunshine > Dec 15, 2021 9:56 AM | Report Abuse

I admired the wills of these diehard fans of …….err…… sinking ship? But seriously?

Pls just hold tight tight until the end of days, though history already proved 95%+ retailers in Malaysian are short term “investors”.

Those have been talking & declared hold long term, especially new & young comers. are indeed from that category

Posted by wolfbroker > 2021-12-15 17:47 | Report Abuse

Take a break for a while.

Let us pray for SSlee's mother. Wish for her speedy recovery.

Please pray for my mum’s health
Author: Sslee | Publish date: Mon, 13 Dec 2021, 10:17 AM

My mother is a thinker and a good talker. If she was given the opportunity to fully develop her potential, she will definitely be a good leader full of passion, consideration, sincerity and above all love for her children. It is the mother where we the children will seek refuge and protection when our father is angry with us and wants to cane us for doing something wrong. It is the mother who manages the household and saves enough for our higher education. She had been a good wife to my father and a good mother to all her children.

Mum I love you, if there is any next life I will definitely want you to be my mother again

My mum Chua Ah Lian, age 82 now in ICU after taking the booster covid-19 shot suddenly fell ill and her organ started to fail. I pray for my mum's health and please help me pray for her health. I thank you.
Sincerely yours

Posted by dimmubroker > 2021-12-15 17:49 | Report Abuse

The time is coming. Waiting mode

Posted by SHQuah > Dec 15, 2021 5:41 PM | Report Abuse

Just wait until 31 December 2021 for Annual Report. Cannot do anything. It's all Karim fault.

Posted by amet2017 > 2021-12-15 17:53 | Report Abuse

Ok more bad news confirmed, default on coupon payment. What's next datuk?

Posted by hanna20 > 2021-12-15 17:56 | Report Abuse

Performance is ok for SD

But just their financial records need to improve

Posted by amirf1221 > Dec 15, 2021 10:15 AM | Report Abuse

I sense that we're searching for the performance like before
Hoping for the best
Hope will materialize soon

Posted by dianatrader > 2021-12-15 18:00 | Report Abuse

Can Serba fare better than the Titanic after hitting the iceberg?
By Cheah Chor Sooi
7 hours ago
in Business, Top

“THE skipper goes down with the ship” is a maritime tradition which hints that captain of the vessel shoulders the ultimate responsibility for both their ship and everyone on board the ship (sailors and passengers alike).

This age old adage comes to mind following Fitch Ratings latest key assumptions after having further downgraded Serba Dinamik Holdings Bhd’s long-term issuer default rating to “RD” (restricted default) from “C”.

According to the rating agency, its recovery analysis assumes that global integrated oil & gas (O&G) service provider would be reorganised as a going-concern in bankruptcy rather than liquidated.

“We have assumed a 10% administrative claim,” Fitch Ratings pointed out in rating action commentary.

On its rating downgrade, the rating agency said its action follows the expiry of the 30-day grace period after the non-payment of the coupon on the group’s US$222 mil senior unsecured sukuk (Islamic bond) due in 2022.

For the record, Serba Dinamik did not pay its semi-annual coupon payment due on Nov 9 for its US dollar sukuk maturing in May 2022 during the 30-day grace period.

“Potential cross-acceleration clauses in its other debt may be triggered by the non-payment of the 2022 notes,” opined the rating agency. “The ‘RD’ rating indicates an issuer that in Fitch’s opinion has experienced an uncured payment default but has not entered into bankruptcy filings and has not ceased operating.”

At the same time, Fitch Rating has affirmed the ratings on the May 2022 sukuk issued by SD International Sukuk Ltd and the sukuk due March 2025 issued by SD International Sukuk II Ltd at “C” with the recovery rating remaining at “RR4”.

The above adage is by no means insinuating that “all is lost” for Serba Dinamik but rather a challenge for its founder, group managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah to secure a “life boat” soonest to keep all “the crew (employees) and passengers (investors)” afloat.

Obviously, securing the much needed “life boat” can be a mountain to climb for Serba Dinamik at this juncture given the slim likelihood of banks or financial institutions who are willing to lend a helping hand is “very slim” to say the least.

Already mired in trading suspension and a series of legal actions involving its former external auditor KPMG PLT, its special independent reviewer Ernst & Young Consulting Sdn Bhd and market regulator Bursa Malaysia Securities Bhd, Serba Dinamik’s woes climaxed with a net loss of RM42.11 mil for its 1Q FY6/2022 ended Sept 30, 2021 – the company’s first quarterly loss since its listing in early 2018.

In an unrelated development, it is worthwhile noting that Abdul Karim has resignation has vacated his position as the non-independent non-executive chairman of KPower Bhd with effect from Monday (Dec 13).

Having transformed KPower from a loss-making manufacturing business into a renowned and indomitable player in the renewable energy industry, it is hoped that Abdul Karim can now focus on restoring the financial health of Serba Dinamik which he co-founded in 1993.

Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares/warrants, hence giving the company a market capitalisation of RM1.

Posted by alenac > 2021-12-15 18:09 | Report Abuse

So as all talk about outer space venture, internet coverage and other out-of-this-world venture were all smoke and no fire to suffocate canned sardines.

"Obviously, securing the much needed “life boat” can be a mountain to climb for Serba Dinamik at this juncture given the slim likelihood of banks or financial institutions who are willing to lend a helping hand is “very slim” to say the least."

Posted by dianatrader > 2021-12-15 18:11 | Report Abuse

The Edge is Biased Against Bumiputera Companies
by an unidentified author

KUALA LUMPUR, 7 DECEMBER 2021: The Edge has on many occasions in the past years, as well as currently, done negative write ups on bumiputera companies and seldom on non-bumiputera companies. Serba Dinamik Holdings Berhad (Serba) is a perfect example vis-a-vis its war against Bursa Malaysia, KPMG, Ernst & Young (EY), and possibly the Securities Commission (SC).

What is not right about the Edge's reporting on the Serba saga particularly the one on 6 December 2021? The Edge cherry picked all KPMG points and translated it to EY points for which, EY themselves haven't even completed their work yet, yet alone, make any conclusions. This is the case of the Edge repeating over and over again particular points until readers lock them in their head regardless of the absence of a conclusion from on-going investigations.

For example, KPMG raised suppliers existence issue. However, based on unofficial source, it is understood that EY was able to confirm to the independent directors (INEDs) inclusive of the two who had resigned on the basis of disagreement with Bursa Malaysia, that the vendors exist and are genuinely in operation. These vendors are under affirmative actions to create bumiputera suppliers as championed under the Government's Vendor Development Programme (VDP).

Some of these VDP companies are infact related parties by virtue of their shareholders being people from Serba. This is still within legal boundaries as Serba had always ensured that any related party transactions that are above certain threshold are reported to Bursa.

Another example quoted by the unofficial source is that EY was also able to track customers at the correct address rather than KPMG whom had misread addresses (Example: The Arabic alphabet 'Wau' in the address was erroneously taken as Comma rather than 'W'), as well as merely checking contact details with a receptionist. There are many things EY managed to clear but not surfacing.

Another significant matter, Serba's business model in the Middle East involving an intermediate company for IT business was also not dealt with without bias by the Edge. KPMG had always understood the model of the need for local sponsor companies in the Middle East akin to what we Malaysians call the 'Ali Baba' companies. KPMG had in the past, accepted it and signed audit reports since before Serba got listed in 2017. Why now otherwise?

Then there was the issue surrounding the audit confirmation process. KPMG had always in the past accepted Serba's management efforts to follow up and obtain third party confirmations. KPMG, again, had also signed audit reports in the past on the back of this practice. Why now KPMG raised it as an issue? In fact, the audit partners from KPMG, for Serba's audit, remain the same. What was also interesting is that one of the partners from KPMG for Serba's audit has numerous racial comments on his Facebook account that are not favourable to Bumiputeras in the country.

One should be open to assess the situation. It is rather weird that both Bursa Malaysia (Bursa or Bursa Malaysia) and the SC attacked Serba with the absence of 2 important factors: the necessary warrant and/or a definitive statement of fault by Serba. Until today, the unofficial source from Serba said that Serba's management still has not been communicated by anyone what is their statement of fault.

An authority must have an 'alleged wrong doings' against someone first, then only start their actions. For example, the police must state, " You have heen arrested on the accusation of 'XXX'", before they can do anything. Even so, they will need a warrant and if no warrants, only an inspector and above can do so. Has this been established in the case of SC? Not at all.

It appears that Bursa Malaysia has behaved like a corporate gangster forcing Serba to appoint EY against Serba's will without the said statement of fault and also against Bursa Malaysia's own Main Market Listing Rules (MMLR) of the requirement for a registered auditor to perform audits or reviews. The EY entity appointed is not a registered auditor. It is EY Consulting Sdn Bhd. Therefore the legality is impaired for the purpose of its appointment.

EY had on numerous occasions, state their disclaimer for anyone to rely on its reports. They have stated it in their engagement letter as well as the preliminary incomplete, half-baked progress report for an on-going work pending completion. EY insisted that they only report to the INEDs as per their engagement letter. The INEDs, complying with this confidentiality duty, are not allowed to disclose information to anyone before the completion of EY's work. The EY work is not yet complete.

Posted by dianatrader > 2021-12-15 18:12 | Report Abuse

Is this true?

The author said that Edge only cherry picked the points and issue?

Posted by hanna20 > 2021-12-15 18:13 | Report Abuse

Pearl looks like knowing all inside news.

So is SD do really have moneys to pay all?

Just want to know

Posted by ǷearlꙌhite > Dec 15, 2021 4:10 PM | Report Abuse

.
The final leg by using the debt repayment as an issue when all else (SIR, suspension, negative media blast tactic, etc.,) fails.

Next article coming up. Is Serba Dinamik responsible for failing to honour the interest payment? Or is it the consequence of a broken regulatory capital market?

Posted by RexKing > 2021-12-15 18:16 | Report Abuse

Performace can be false while financial record cannot be false.. Performance is like doing show but record is about black and white.

Posted by alieyasmart > 2021-12-15 18:20 | Report Abuse

Agree on this too.

SD should prove it in their record also. Still got time to show and prove it.

Posted by RexKing > Dec 15, 2021 6:16 PM | Report Abuse

Performace can be false while financial record cannot be false.. Performance is like doing show but record is about black and white.

Posted by alieyasmart > 2021-12-15 18:23 | Report Abuse

I think that is some of their next future plan. And sharing the news with the shareholders is seems ok to me.

We need some positive news despite all the big challenges now. Need to calm down the people.

Posted by alenac > Dec 15, 2021 6:09 PM | Report Abuse

So as all talk about outer space venture, internet coverage and other out-of-this-world venture were all smoke and no fire to suffocate canned sardines.

"Obviously, securing the much needed “life boat” can be a mountain to climb for Serba Dinamik at this juncture given the slim likelihood of banks or financial institutions who are willing to lend a helping hand is “very slim” to say the least."

Posted by Noni > 2021-12-15 18:28 | Report Abuse

What bull article is that ?
When all else fail, play race card? *facepalm*

Posted by alenac > 2021-12-15 19:33 | Report Abuse

Like bolehland politician?

Noni What bull article is that ?
When all else fail, play race card? *facepalm*
15/12/2021 6:28 PM

Posted by alenac > 2021-12-15 19:35 | Report Abuse

Desperado lost a lot of money on Serbak. Race card holders always blame others for their fault.

dianatrader The Edge is Biased Against Bumiputera Companies
by an unidentified author

Posted by wongchin > 2021-12-15 19:40 | Report Abuse

Wow promoter like new James bond film... Tomorrow Never Die. Keep on promoting sd yah. In the end u disgrace yourself n your DIGNITY.

Posted by superrr > 2021-12-15 19:57 | Report Abuse

Sd didn't hit the iceberg, but it has leaked and nearly 90% sank into the cold sea..

-------------------------------

dianatrader Can Serba fare better than the Titanic after hitting the iceberg?

Posted by Prudentinv > 2021-12-15 20:17 | Report Abuse

The edge may be in trouble and license renewal is at stake for selective reporting.

Posted by Prudentinv > 2021-12-15 20:33 | Report Abuse

The appointment of EY consultant by Serba was base on Bursa request. So it is not surprising that Bursa, EY, and the edge is working together.

dianatrader The Edge is Biased Against Bumiputera

Posted by m3379 > 2021-12-15 20:44 | Report Abuse

Nothing technical in their defence for Serba. Just emotion and rhetoric. Fake positivity.

Posted by InsiderShark > 2021-12-15 20:54 | Report Abuse

@Prudentinv

What are you smoking? KMPG is the one that told bursa to get an independent review, Serba refuses and so KPMG refuses to sign the annual report, then KPMG go report to SC and Bursa that Serba got financial discrepancy.

Bursa told Serba to go get an independent reviewer, Bursa never told Serba which company to pick, it is up to Serba. Now people like you spin as if Bursa forced Serba to pick EY. Bursa only force Serba to pick an auditor for SIR.

Serba PN17 already, wake up and smell the shit Karim shitted on all retail investor by saying BAU. Karim is the one that made you guys average down. Go shah alam and find him.

KARIM LIED
KARIM FAKED THE PROJECT
FAKE NUMBERS
FAKE ACCOUNTS
FAKE
FAKE
FAKE

Posted by joyvest > 2021-12-15 20:59 | Report Abuse

Until now ,the promotors still deny all the irregularities perpetrated and still try to dispprove the findings of the external auditors

Passing the buck is of no avail. No matter what and how is denied by the promotors,you can't turn back the clock now. Reputation has been compromised.

Admit the wrongdoings,face the music and move on......

Posted by BobAxelrod > 2021-12-15 21:05 |

Post removed.Why?

Posted by bobvic96 > 2021-12-15 21:06 | Report Abuse

https://www.bursamalaysia.com/market_information/announcements/company_announcement?keyword=&cat=&sub_type=&company=7130&mkt=&alph=&sec=&subsec=&dt_ht=&dt_lt=

Kaboom sold another 355k Kpower shares on 10th December (notified Bursa 15th). Not a great deal of money but enough to purchase a good pair of trainers to do a runner.

Posted by joyvest > 2021-12-15 21:22 | Report Abuse

Default, Default, default

Default has been confirmed by SD but the bunch of diehards still keep denying and refuting as if SD 's business was as usual....

How pathetic of you to continue to be nonchalant and delusional!

Posted by leno > 2021-12-15 21:37 | Report Abuse

#TutupKedai
#TangkapKarim

Posted by OpporturnityHunter > 2021-12-15 21:37 | Report Abuse

prove to us by annoucing SIR secepat mungkin lah

Posted by Prudentinv > 2021-12-15 21:39 | Report Abuse

I do not believe this. The culprit of all this ordeal is surfacing with its own action.



InsiderShark @Prudentinv

What are you smoking? KMPG is the one that told bursa to get an independent review, Serba refuses and so KPMG refuses to sign the annual report, then KPMG go report to SC and Bursa that Serba got financial discrepancy.

Bursa told Serba to go get an independent reviewer, Bursa never told Serba which company to pick, it is up to Serba. Now people like you spin as if Bursa forced Serba to pick EY. Bursa only force Serba to pick an auditor for SIR.

Serba PN17 already, wake up and smell the shit Karim shitted on all retail investor by saying BAU. Karim is the one that made you guys average down. Go shah alam

Posted by Prudentinv > 2021-12-15 21:45 | Report Abuse

This is like a movie and there are many actor.

Posted by m3379 > 2021-12-15 21:45 | Report Abuse

You can imagine how Serba was harassing KPMG to approve anyway the annual report by looking how combative Serba with SC, EY and the court.

Posted by Prudentinv > 2021-12-15 21:49 | Report Abuse

Why serba need to do this is to protect investor's interest.

Posted by Prudentinv > 2021-12-15 21:54 | Report Abuse

Investor just hope that regulator bodies do not act in bad faith.

Posted by m3379 > 2021-12-15 21:55 | Report Abuse

Delaying SIR and going rampant with suits is bad for company's reputation and looks like Serba is putting investor's interest down the drain.