Thursday 28 Mar 2024
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KUALA LUMPUR (April 29): Trading in Serba Dinamik Holdings Bhd securities will resume on May 9 after a six-month-long suspension since Oct 22 last year.

The stock was last traded at 35 sen, falling from RM1.61 in May 2021 when the audit issues were revealed to the public.

In a statement on Friday (April 29), Bursa Securities reminded the investing public to exercise caution and to make informed decisions when trading in the securities of Serba Dinamik.

To recap, the company and four of its senior officials including managing director and controlling shareholder Datuk Mohd Abdul Karim Abdullah were charged for furnishing false statements.

The Attorney-General's Chambers (AGC) later decided to withdraw the charges following a letter of representation by the accused. The AGC has not publicly explained its decision.

As Serba Dinamik had on April 21 announced, among others, the findings from the FFU (fact finding update) in compliance with the exchange’s directive, Bursa said it will be lifting the suspension of trading of Serba Dinamik’s securities on May 9 at 9am.

Bursa was referring to the 26-page announcement that the troubled oil and gas outfit filed on April 21.

It is worth noting that the Securities Commission Malaysia (SC) commented that the announcement made by Serba Dinamik “contained statements that are baseless and malicious, and which may have the effect of misleading or confusing members of the public and/or paint a negative image of the SC and its officers”.

“The SC denounces any attempts to intimidate the SC or its officers and undermine its authority and credibility,” the commission said in a statement last Sunday (April 24).

The SC, whose executive chairman tendered his resignation effective May 31, lodged a police report against the announcement to enable the police and other relevant authorities “to investigate the matter, including for the offence of defamation under Section 499 of the Penal Code and/or other relevant laws”.

The SC also sought the police’s cooperation to conduct its investigations with urgency to help safeguard investors’ interest.

Bursa in the statement stressed that Serba Dinamik’s comments, views and rebuttal in the 26-page announcement do not represent the exchange’s views on the matter and it will not be responsible to check the accuracy, completeness or adequacy of any of the same.

Furthermore, Bursa, which Serba Dinamik has taken legal action against, highlighted that the company has not complied with the following orders

• to announce the impact of the FFU by EY Consulting Sdn Bhd pursuant to the Special Independent Review (SIR), on the business, financial status and operation of Serba Dinamik;

• to complete the SIR with EY Consulting

• Provide or instruct its agent or servants to furnish bi–weekly written updates of the SIR to the exchange, whether formally demanded or not by Bursa.

The statement said in the event of the premature resignation of EY Consulting to continue as Independent Reviewer (“IR”), or termination of EY Consulting as IR by Serba Dinamik, the company will be ordered to appoint an independent reviewer with international affiliation, which has adequate experience and resources and with the presence in Bahrain and such other overseas locations where the customers and suppliers that were highlighted by KPMG are located, to replace EY Consulting as IR within 14 market days from the date of the order, to complete the SIR.

In addition, Bursa pointed out that the newly appointed independent auditors of Serba Dinamik, Nexia SSY PLT, who were engaged to audit the financial statements for the financial period ended 30 June 2021, did not express an opinion on the said financial statements.

“This is because Nexia had not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion,” said Bursa.

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