TODAY marks the first month since Serba Dinamik Holdings Bhd began hogging the limelight in corporate Malaysia.
If the company were to be a song, it would probably have been a chart topper for the entire month of June in the “top stock of the week” category.
It was a month ago today (May 31 to be precise) when the integrated global oil & gas (O&G) service provider resumed trading after a two-day suspension following the flagging of unresolved accounting matters pertaining to its FY2020 statutory audit by its former external auditor KPMG PLT.
Since then, Serba Dinamik is befitting a stock that never sleeps.
Inevitably, the stock has gone down the slope at high velocity during the 30-day period. As the company’s board and management juggled to stem the bleed, it is excruciating to see slightly more than 80% of the company’s market cap or RM4.8 bil vanished during that short one-month period.
Time is obviously a precious commodity for Serba Dinamik at this very instance. Late yesterday, Bursa Malaysia has issued a reminder to the company that failure to comply with its directive above would be a breach of the Listing Requirements.
This could prompt the market regulator to take or impose such actions or penalties as it deems appropriate on the company and/or its directors.
Considering that so much is at stake for the company and its investors at this moment, below is an update shared with FocusM by chairman Datuk Mohamed Illyas Pakeer Mohamed on what Serba Dinamik is doing “to turn the tide around”:
“Serba Dinamik is committed to resolve all the pending issues for the sake of both its stakeholders and shareholders.
Taking the guidance and views from Bursa Malaysia and the Securities Commission (SC), Serba Dinamik is taking the appropriate action to bring in new independent directors as well as to finalise the appointment of an independent reviewer.
The board needs to fully function with strong independent directors for the interest of corporate governance.
We may see positive development in the nearest time. No doubt we are facing some difficulties in certain aspects but we are doing our utmost best to manage them to the best of our ability.
For sure, Serba Dinamik is not trying to divert the attention away from the issues confronting the company but there is no denial that some matters were based on rumours and speculations.
Give us a bit of space as this will allow us to focus on solving the issue at hand.
Finally, we are thankful to both market regulators (Bursa Malaysia and SC) for rendering their fair view and guidance so as to expedite our search for an ultimate solution.” – June 30, 2021
