KUALA LUMPUR (May 27): Serba Dinamik Holdings Bhd said today it has consulted with Bursa Securities prior to engaging international independent firms to assess the veracity and accuracy of the matters recently brought up by its external auditor KPMG.
In a statement, Serba Dinamik managing director cum group chief executive officer (CEO) Datuk Dr Mohd Abdul Karim Abdullah said the group’s management had taken prompt action to address the matters much earlier prior to the announcement made on Tuesday (May 25).
“As far as we are concerned, we have not changed our business structure materially since the initial public offering (IPO) in 2017 and have worked with KPMG, whose auditors are familiar with our operations, since 2013.
“As far as the management is aware, we have been conducting our business professionally,” Serba Dinamik said in a statement.
On Tuesday, Serba Dinamik said it is commencing a special independent review after its board of directors was informed by its external auditors on some matters pertaining to statutory audit.
Abdul Karim said today that the group is in the midst of finalising the appointment of the independent firm as soon as possible. “We will accord the to-be-appointed independent firm the time and space to verify the matters with accuracy and veracity. We will be updating promptly any material developments in a transparent manner,” he said.
“We understand the concerns of our stakeholders and shareholders and ask for their understanding and patience on the matters raised. Please be assured that the board and management remain committed in safeguarding your interests.
“In the meantime, day-to-day operations will continue and we appreciate the support of stakeholders and shareholders in resolving this matter,” Abdul Karim added.
The company is now targeting to release its annual report by Oct 31, 2021, having recently changed its financial year end to June 30, from Dec 31. It cited challenges in finalising its financial statement from its operations across more than 20 countries due to the Covid-19 pandemic.
Last July, Serba Dinamik had announced the appointment of its financial controller Azhan Azmi as group chief financial officer (CFO) to replace Syed Nazim Syed Faisal, who was re-designated as a non-independent executive director of the company.
Shares of Serba Dinamik last closed at RM1.61, valuing the engineering group at RM6 billion.