Serba Dinamik shares suspended today

Serba Dinamik shares suspended today
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KUALA LUMPUR (May 27): Trading of Serba Dinamik Holdings Bhd shares is temporarily suspended today, pending further clarification of its May 25 filing concerning a special independent review.

In the bourse filing, the group announced that Bursa Malaysia had approved its request for the one-day suspension of trading from 9am to 5pm today.

The halt in trading comes in relation to the company announcement on May 25 where the board of directors was “informed by the external auditors on some matters pertaining to statutory audit”, the announcement said.

“The board is in the midst of appointing an independent firm to commence a special independent review to assess the veracity and accuracy of the matters,” it said.

Meanwhile, KPower Bhd, which shares a major shareholder and director in Datuk Dr Mohd Karim Abdullah with Serba Dinamik, is still traded on the bourse.

In a statement yesterday, KPower said it was a distinct and separate entity from Serba Dinamik and they are run independently of each other, while Mohd Karim was also not involved in the day-to-day management and operations of the group.

KPower was the ninth most active stock at the time of writing, down 19 sen or 11.24% to RM1.50, with 34.19 million shares traded. The stock has a market capitalisation of RM764.44 million.

Serba Dinamik shares were last traded at RM1.61 on May 25 giving the company a RM6 billion market capitalisation.

Read also:
Analysts downgrade Serba Dinamik after audit matter flagged
Serba Dinamik's external auditors flag statutory audit matters, to set up independent review
Serba Dinamik says it has taken prompt actions to address matters raised by its external auditor

Bursa Securities consulted prior to opting for independent review, says Serba Dinamik

Lam Jian Wyn