Serba Dinamik receives writ of summons from Malaysian Trustees Bhd, confirming The Edge’s story

In a filing with Bursa on Thursday (May 26), the oil and gas service provider reiterated that it is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company. (Photo by Mohamad Shahril Basri/The Edge)

In a filing with Bursa on Thursday (May 26), the oil and gas service provider reiterated that it is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company. (Photo by Mohamad Shahril Basri/The Edge)

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KUALA LUMPUR (May 26): Serba Dinamik Holdings Bhd said on Thursday (May 26) that it received a writ of summons from Malaysian Trustees Bhd on May 18. 

The company was responding to a Bursa Malaysia query seeking clarification on The Edge’s story entitled: "Serba Dinamik slapped with suit seeking repayment of RM100m after defaulting on debt papers".

In a filing with Bursa on Thursday, the oil and gas service provider reiterated that it is taking steps to procure the support of Malaysian Trustees regarding the application for a court-convened meeting of its creditors and the application for a restraining order to be granted over the company. 

Earlier on May 24, The Edge reported that the group had been slapped with a suit from Malaysian Trustees, which is the trustee of Serba Dinamik’s RM100 million Islamic Commercial Papers (ICP) that the company had defaulted on.

The report noted that in a civil suit filed in the High Court on April 29, Malaysian Trustees is seeking a declaration that a dissolution event has occurred for the ICP, together with an order to compel Serba Dinamik to pay the outstanding ICP amount of RM100 million, with compensation for late payment.

The report added that Malaysian Trustees is also seeking to execute a sale agreement with Serba Dinamik to acquire from the beleaguered oil and gas outfit its entire beneficial interest in the syariah-compliant business of AmanahRaya Investment Management Sdn Bhd (ARIM) as part of the agreement under the dissolution of the ICP.

ARIM, which is the sole holder of Serba Dinamik’s RM100 million ICP, is wholly-owned by Amanah Raya Bhd.

At the time of writing on Thursday, shares in Serba Dinamik traded one sen or 10% higher at 11 sen, giving it a market capitalisation of RM409.99 million. 

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Serba Dinamik slapped with suit seeking repayment of RM100m after defaulting on debt papers

Joyce Goh