Abdul Karim disposes of entire warrant holdings in Serba Dinamik at near record low prices

Datuk Dr Mohd Abdul Karim Abdullah (Photo by Sam Fong/The Edge)

Datuk Dr Mohd Abdul Karim Abdullah (Photo by Sam Fong/The Edge)

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KUALA LUMPUR (Oct 21): Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah has disposed of his entire holding of 55.9 million of the group’s warrants this week, as the price of the warrants hover near record low levels.

He sold 21.58 million warrants on Oct 18, another 34.2 million warrants on Oct 20, and a further 123,600 warrants on Oct 21, according to a bourse filing on Thursday.

Together, the warrants disposed of represent about 6.34% of the group’s total warrants.

Meanwhile, Abdul Karim directly held 786.38 million shares or a 21.2% stake in Serba Dinamik as at Oct 4.

Serba Dinamik’s warrants were being traded at between 7.5 sen and eight sen on Oct 18, 20 and 21. On Thursday, the warrants closed unchanged at 7.5 sen.

The warrants’ price took a hit in end May, amid the accounting issues flagged by the group’s then external auditor KPMG relating to transactions of more than RM3.5 billion.

KPMG later resigned as the external auditor on June 24, following a suit by Serba Dinamik, as the audit firm said that the suit had compromised its ability to independently continue to audit the company and discharge its professional duties.

In August, Serba Dinamik appointed Nexia SSY PLT as its new external auditor.

Serba Dinamik’s share price closed one sen or 2.6% lower at 37 sen on Thursday, giving the group a market capitalisation of RM1.38 billion.

S Kanagaraju