Bursa suspends trading of Serba shares/warrants with immediate effect

MARKET regulator Bursa Malaysia Bhd has resolved to suspend the trading of Serba Dinamik Holdings Bhd, including all structured warrants relating to the company.

The suspension in the trading of shares and all structured warrants relating to the global integrated oil & gas service provider would be effective from 2.30pm today (Oct 22) until further notice.

“The suspension of Serba Dinamik’s securities is effected pursuant to paragraph 16.02(1)(c) of the Main Market Listing Requirements in the interest of maintaining an orderly and fair market in the trading of the company’s securities,” the stock exchange pointed out in a media statement.

Although Bursa Malaysia did not specify the reason/s behind its decision, such action could be linked to the disposal of the entire warrants holding of the company’s managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah as per yesterday’s (Oct 21) Bursa Malaysia filing.

Yesterday, Serba Dinamik revealed that Abdul Karim who is also the company’s co-founder has disposed of his entire holding of 55.9 million of the group’s warrants this week.

He sold 21.58 million warrants on Oct 18, 34.2 million warrants on Oct 20, and a further 123,600 warrants on Oct 21.Altogether, the warrants disposed of represent about 6.34% of the group’s total warrants.

In an interview with FocusM today, Abdul Karim has defended his action by stating that it was “purely a business decision out of necessity” while reiterating his commitment “to turnaround Serba Dinamik from the doldrums”.

“My warrant disposal is to take advantage of it being traded at premium and shouldn’t be conceived as I harbour intention to exit the ship which I took so much sweat, tears and blood to build … I will make sure the ship continues to sail in the roughest of seas,” he rationalised.

“Rest assured that I shall channel proceeds from the sale of the warrants to acquire the mother shares…Despite the turbulence, it’s still very much BAU (business as usual) at Serba as our current order book stands at RM18 bil.”

Meanwhile, Abdul Karim directly held 786.38 million shares or a 21.2% stake in Serba Dinamik as of Oct 4.

Serba Dinamik was last transacted at 35 sen at the close of today’s mid-day trading, down 2 sen or 5.41% with 105.18 million shares traded which gave the company a market capitalisation of RM1.31 bil. – Oct 22, 2021

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