SERBA Dinamik Holdings Bhd expects to issue its pending annual report for the financial year ended June 30, 2021 by this Thursday (Jan 6).
“The company will issue the Annual Report 2021 as soon as possible by the above-expected date of issuance,” the integrated oil & gas (O&G) service provider pointed out in a Bursa Malaysia filing during today’s mid-day trading break.
To recap, Serba Dinamik was supposed to issue its Annual Report 2021 alongside its audited financial statements on or before Oct 31 last year.
However, Bursa Malaysia Securities Bhd had on Oct 25 granted a time extension of one month till Nov 30 for the company to fulfil its obligation pursuant to paragraph 9.23(1) of the Main Market Listing Requirement (Main LR).
On Nov 25, Serba Dinamik requested a deadline extension till Dec 31 to issue its annual report 2021 and other relevant documents by was rejected by Bursa Securities vide a letter dated Nov 24.
The market regulator further rejected the company’s appeal for time extension vide a letter dated Dec 9.
Pursuant to paragraph 9.28(5) of the Main LR, if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframe stated in paragraph 9.23(1) of the Main LR, Bursa Securities shall suspend the trading of its securities of on the next market day after the suspension deadline.
In this regard, trading of Serba Dinamik’s stock/warrant trading has remained suspended since 2.30pm on Oct 22 (Friday) since its failure to make an announcement on the findings from the factual findings update on its special independent review (SIR) undertaken by Ernst & Young Consulting Sdn Bhd (EY) by Oct 26.
In a related development, the Minority Shareholders Watch Group (MSWG) opined that Serba Dinamik “could be in a better position” if the suspension of its stocks on Bursa Malaysia is lifted.
This is because the counter has been suspended for more than two months without much information on the lifting available, according to MSWG’s CEO Devanesan Evanson.
“The lifting of the suspension will enable price discovery to take place, while enabling the minority shareholders to make informed investment decisions,” he told the New Straits Times.
Devanesan added that the lifting could allow the timely resolution of Serba Dinamik’s court cases.
Last Wednesday, the Securities Commission (SC) charged Serba Dinamik group managing director/CEO Datuk Dr Mohd Abdul Karim Abdullah at the Kuala Lumpur Sessions Court for allegedly furnishing a false financial statement to Bursa Malaysia.
The SC also charged Serba Dinamik along with its executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi and vice-president (accounts and finance Muhammad Hafiz Othman) over the alleged false statement contained in its financial report for the quarter and year ended Dec 31, 2020.
The alleged false statement was in relation to a revenue of RM6.014 bil in the quarterly report. They all claimed trial to the charge.
Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares/warrants, hence giving the company a market capitalisation of RM1.3 bil. – Jan 3, 2022
