SERBA Dinamik Holdings Bhd further headed south this morning with an all-time low single digit share price as trading curbs imposed by stock brokerages coupled with short-selling activities took a toll on prospect of a rebound following yesterday’s 68.6% slump.
The global integrated oil & gas (O&G) outfit hit a historical low of 7 sen in the first hour of trading with its market capitalisation shrinking further to RM261 mil from RM1.3 bil prior to its almost seven-month suspension on Oct 22 with the last traded price of 35 sen. The stock resumed trading yesterday (May 9).
While the group has in recent times circumvented criminal charges for falsifying is accounts by virtue of a RM16 mil compound trade-off, one wonders how the group is able to wrangle of the outstanding 25% of its US$222.22 mil (RM974.13 mil) sukuk which is due for maturity this month.
Meanwhile, the massive depreciation of Serba Dinamik share value has impacted investors from all walks of life. Malay news portal Kosmo.com yesterday (May 9) highlighted the plight of Bumiputera investors who incurred substantial losses after the share price nosedived to its new low.
“Is there an avenue to lodge a report to the Securities Commission (SC) on those who encouraged the public to buy Serba Dinamik stock?” asked a Facebook user who goes by the name Mohamad Hariz.
Kosmo.com concluded that many netizens in the FB thread opined that investors who have bought into the stock should come forward to lodge a report to the market regulator. Here are some interesting reactions:
“I’ve reminded you guys not to touch a problematic stock … but yet stubborn. Now be prepared to face the music,” said Ahmed.
“Many are already trapped. But who will make a report? Sure they will say this is part and parcel of stock investing,” noted Fazli.
“Hopefully, the victims will come forward to lodge a report,” urged Ahza.
“Previously, we were told to accumulate Serba Dinamik with the assumption the stock price will rise. But it dipped today (yesterday) and it seems that the buyers are now confronted by a hopeless situation. The only things they can do now is to shed tears,” lamented Maaz.
At 10.16am, Serba Dinamik was down 4 sen or 36.36% with 226.3 million shares traded, thus valuing the company at RM261 mil. – May 10, 2022
