Serba Dinamik says not in talks with Sarawak govt to take over state-owned fabrication yard

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KUALA LUMPUR (Feb 10): Serba Dinamik Holdings Bhd has clarified that it is not in talks with the Sarawak government to take over Brooke Dockyard and Engineering Works Corporation. 

The energy services group said this in a brief statement in response to a report in The Edge Financial Daily today, titled “Serba Dinamik in talks to take over state-owned fabrication yard”.  

To report, citing a source familiar with the mater, said the group is currently in the early stage of negotiations with the state government on the acquisition. 

Brooke Dockyard had slipped into financial trouble, after it incurred RM100 million of losses caused by a contract it had undertaken, the source said, adding it is no longer economically viable for the state government to hold onto the asset. 

Based in Sarawak, Brooke Dockyard is involved in the oil and gas services sector, including maintenance, repair and overhaul (MRO) — in which Serba Dinamik has a presence. 

The shares price of Serba Dinamik closed down two sen or 0.86% at RM2.30 today, bringing a market capitalisation of RM7.09 billion.