Serba Dinamik all set to resolve independent reviewer’s appointment today

SERBA Dinamik Holdings Bhd will fulfill Bursa Malaysia’s tall order that the company appoints its much awaited independent reviewer by today (July 2).

A source close to the company’s top management said the global integrated oil & gas (O&G) service provider is able to finalise the appointment of EY after a consultation involving its former external auditor KPMG PLT and the market regulator.

“An announcement will be made after the market closes today … this is a good sign to restore investors’ confidence and to prove that there were no wrongdoings or delay technique as speculated before,” the source told FocusM.

“Additionally, we believe that it should be BAU (business as usual) for Serba Dinamik moving forward. The company can’t afford to let the business down as it needs to serve as well as is committed to its clients. Let’s focus on the fundamentals after one month of time wastage”.

Recall that in an announcement dated June 29, Bursa Malaysia has warned Serba Dinamik that failure to comply with its directive would be tantamount to a breach of the Listing Requirements, hence the market regulator may take or impose actions or penalties that it deems appropriate on the company and/or its directors.

In fact a day earlier (June 28), Serba Dinamik had made an announcement via its “Status Update on the Appointment of Independent Reviewer” that the company had confirmed that EY have agreed to act as its independent reviewer subject former external auditor KPMG PLT issuing a written consent that it would co-operate  with EY to facilitate an effective independent review.

In a related development, the source said Serba Dinamik is also finalising the appointment of three independent directors “to get our board to function with more transparency while embedding the highest corporate governance for the best interest of various stakeholders”.

At the close of this morning’s trading session, Serba Dinamik – the day’s most active counter thus far – was unchanged at 38 sen with 359.45 million shares traded, thus valuing the company at RM1.42 bil. The stock was traded between the range of 36.5 sen and 39.5 sen during the first session.

Meanwhile, two other counters linked to head honcho Datuk Dr Mohd Abdul Karim Abdullah fared better with Sarawak Consolidated Industries Bhd (SCIB) spiked 7.5 sen or 10% to 82.5 sen with 27.53 million shares traded, hence raising its market capitalisation to RM405 mil.

Another company which also featured Abdul Karim as its chairman and controlling shareholder, KPower Bhd was up 3.5 sen or 3.87% to 94 sen (traded between 88.5 sen and 99 sen), hence valuing the company at RM425 mil. – July 2, 2021

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