BURSA Malaysia is not letting Serba Dinamik Holdings Bhd’s unprecedented legal suit in Corporate Malaysia gets the better of the market regulator without a fight.
In retaliation, Bursa Malaysia Securities Bhd said as a frontline regulator of the capital market, it is entitled to exercise its power pursuant to the listing requirements in the interest of maintaining an orderly and fair market.
“Timely disclosure of material information is a key pillar of ensuring the market is well- informed of the information and all investors are treated equally and able to trade on equal footing in terms of parity of disclosures,” justified the market regulator in a statement issued late yesterday (Nov 8).
“This is paramount to enable Bursa Securities to discharge its statutory duty.”
With regard to the legal proceedings orchestrated by the global integrated oil & gas service provider, Bursa Securities said it has engaged a legal counsel to advise on this matter and the next course of action.
“Bursa Securities will be defending its position vigorously and will not abdicate its statutory roles and functions in the marketplace,” assured the market regulator.
Yesterday, Serba Dinamik noted that it had filed a legal action against Bursa Securities in the Kuala Lumpur High Court in response to actions taken by the latter against the company.
Filed on Nov 3, the company said the originating summons ensued from the market regulator’s intervention in Serba Dinamik’s auditing concerns that arose in late May 2021.
The application for interim injunctive relief is fixed for hearing on Nov 11 with the case management for the originating summons scheduled for Nov 17.
Recall that Bursa Malaysia had issued directives to Serba Dinamik on June 28 and July 2 respectively to appoint Ernst & Young Consulting Sdn Bhd (EY) as a special auditor to conduct a Special Independent Review (SIR) and a subsequent instruction dated Oct 22 for the company to announce a “Factual Findings Update” of the progress update made by EY.
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 RM1.31 bil. – Nov 9, 2021
