KUALA LUMPUR (June 3): Serba Dinamik Holdings Bhd’s second-largest shareholder and non-independent non-executive director Datuk Abdul Kadier Sahib has upped his stake in the company again.
In a bourse filing today, the group revealed that Abdul Kadier purchased three million shares on the open market.
The lagest acquisition has raised his shareholding to 599.9 million shares, which is equivalent to a 16.17% stake.
It is worth noting that he had acquired five million shares on the open market yesterday. This means that he has purchased eight million shares in total since yesterday.
The transactions come on the heels of Abdul Kadier’s decision to withdraw the proposal to remove the Serba Dinamik’s external auditor KPMG. Just last week, he had called for an EGM to vote on a resolution to remove KPMG and to appoint BDO as its new external auditor.
On May 25, KPMG had raised certain audit issues in Serba Dinamik for its financial year ended Dec 31, 2020 (FY20).
The audit issues raised by KPGM were with regards to sales transactions, receivables and payables to the tune of over RM3 billion.
Abdul Kadier is also a member of Serba Dinamik's audit and risk committee.
On May 29, the company had said that KPMG has not responded to the management’s replies. Serba Dinamik said that it is in the midst of setting up an independent review to validate KPMG’s findings.
On Tuesday, Kumpulan Wang Persaraan (KWAP) ceased to be a substantial shareholder after selling a 0.7% stake in the open market.
Substantial shareholders Employees Provident Fund (EPF) and Permodalan Nasional Bhd (PNB) have both come out to express concern over the audit episode.
Serba Dinamik were the third most actively traded counter on the local bourse today, registering a trading volume of 360.52 million shares.
It closed 1.21% or a sen higher at 83.5 sen today, valuing it at RM3.11 billion.