SERBA Dinamik Holdings Bhd has disputed the amount of payment due on Nov 9 for its SDHMK 6.300% 9 May 2022 Corp (USD) sukuk (Islamic bond) as US$7 mil and not as claimed by The Edge in its article entitled “Serba Dinamik misses coupon payment for US$300m sukuk” published yesterday (Nov 11).
“Serba Dinamik and its group of companies deny the amount of payment due as stated in the article and wishes to clarify that the coupon payment due was approximately US$7 mil (RM29.15 mil) and not US$9.45 mil (RM39.36 mil),” noted the company in an exchange filing.
“Serba Dinamik has engaged and seek advice from our legal counsel as well as wrote in to sukuk agent to notify the sukuk holders on the correct amount due.”
The global integrated oil & gas service provider also reiterated that under the terms of agreement, it has a 30-day period from the non-payment due date to cure and pay the overdue coupon obligations before triggering any dissolution event (default).
“The group assures that Serba Dinamik is committed to fulfill the said payment subject to receipt from our customers. We are also proactively engaging all stakeholders to provide timely updates and clarifications as and when required,” asserted the company.
“Serba Dinamik extends its guarantee that it has no intention to default on the coupon payment and is taking all necessary steps to remedy the matter within the stipulated timeline.”
In a separate development, Serba Dinamik has gone on record to state that it has orally applied for an adjournment of the hearing of the injunction application given that it was served with a copy of affidavits in reply from Bursa Malaysia Securities Bhd and Ernst & Young Consulting Sdn Bhd on Nov 10 and Nov 11 respectively.
The company alongside Bursa Securities and EY had attended the hearing of the injunction application on Nov 11.
“The oral application was allowed by the High Court. The hearing of the injunction application, together with the OS (originating summons) is fixed on Dec 8,” Serba Dinamik pointed out in a separate Bursa Malaysia filing.
However, the company said the High Court dismissed its application for an ad-interim injunction with no order as to costs.
“The company had further applied for an order of ad-interim injunction to be granted pending the disposal of the injunction application,” noted Serba Dinamik. “The company will make further announcement as and when there are material developments on the above matter.” – Nov 12, 2021
