BANDAR Kuching MP Dr Kelvin Yii Lee Wuen could have indirectly shed light into how or where Serba Dinamik Holdings Bhd found its lifeline after having plummeted to an all-time low of 6 sen following is resumption of trading on May 9.
Yesterday (May 19), the DAP MP demanded the Sarawak state government to reveal to the public the total quantum of losses suffered by the Sarawak Treasury and all the respective Sarawak government-linked bodies and corporations due to what he descried as the “Serba Dinamik fiasco”.
At the same time, Yii has demanded that the state government reveal specific plans, if any, to better protect the interests of Sarawak and to recoup the enormous losses in public funds.
“This is in view of the controversies involving Serba Dinamik, which the Sarawak Government owns significant shares and would have suffered significant loss due to the plunging of shares prices of the company,” he pointed out in a media statement.
Although Yii was referring to a past event, he has nevertheless solidified speculations that the recent revival of the global integrated oil & gas (O&G) outfit could have been due to backing by Sarawakian tycoons or deep pocket investors (not necessary institutional investors) considering many brokerages have imposed trading restrictions on the counter.
If this speculation is unfounded, the other likely possibility is the meddling by syndicates or sharks via the common pump ad dump channel.
For the record, Serba Dinamik which was languishing below 10 sen (it was last traded at 35 sen on Oct 22 last year prior to its suspension being lifted on May 9) climbed to an intraday high of 22 sen on May 17 before heavy profit taking forced the counter to consolidate at 14.5 sen at the close of yesterday’s trading.
Citing Serba Dinamik’s Integrated Report 2021, Yii said the State Financial Secretary Sarawak is the company’s second biggest shareholder with 159.5 million shares (4.3%) and 36 million warrant holdings (after Datuk Abdul Kadier Sahib who is currently Serba Dinamik’s chairman) while state-linked body, the Bintulu Development Authority is the 12th biggest shareholder with 21 million shares (0.57%) and six million warrant holdings.
Ironically, the name of group managing director/CEO Datuk Dr Mohd Abdul Karim Abdullah who held 797.38 million shares or 21.22% stake in Serba Dinamik was omitted from the list of the company’s top 30 shareholders.
Yii further urged the Sarawak Government to reveal three main truths in the spirit of transparency:
- Details and the quantum of losses suffered by the State Treasury and all the respective government-linked bodies and corporations in Serba Dinamik;
- Was there any pro-active measure done by the Sarawak Government right at the beginning to protect the interest of Sarawak since the breakout of the company’s scandal (after KPMG PLT red-flagged certain bills and transactions) as early as May 2021?
- What are the plans of the state government to recoup the enormous losses in public fund?
At the close of today’s mid-day trading, Serba Dinamik was down 0.5 sen or 3.45% to 14 sen with 78.36 million shares traded, hence valuing the company at RM522 mil. – May 20, 2022
