COMING ahead of its end-July deadline, the board of Serba Dinamik Holdings Bhd has today nominated Nexia SSY PLT to fill up the vacancy for its new statutory auditors in accordance with the Companies Act 2016 for its financial year ended June 30, 2021.
This is, however, subject to professional clearance from KPMG PLT (the company’s former auditor) in accordance to Section 320 By-Law of the Malaysian Institute of Accountants (MIA), according to the global integrated oil & gas (O&G) outfit.
“Further announcement will be made upon completion of the aforesaid procedure,” the company pointed out in a media statement.
Meanwhile, Serba Dinamik’s chairman Datuk Mohamed Ilyas Pakeer Mohamed said the company’s board – including its audit & risk committee – is committed in ensuring that the nomination is based on the objectivity and independence as well as the sound performance of the external auditor.
According to him, Nexia SSY’s appointment is based on the criteria set by the board which is in line with legislative promulgations such as Companies Act 2016, Capital Markets and Services Act 2007 (Amendment 2012) and Listing Requirements while also taking into account the Malaysian Code on Corporate Governance (MCCG), and the By-Laws (on professional ethics, conduct and practice) by the MIA.
Nexia SSY PLT is an independent member firm of Nexia International, a leading London-based global network of independent accounting and consulting firms.
With operations in more than 128 countries, Nexia is currently ranked the eighth largest accounting firm in the world by the International Accounting Bulletin Survey 2021.
“By leveraging Nexia SSY’s extensive experience and expertise, the board is confident that Serba Dinamik will continue to maintain its high corporate governance standards while simultaneously increasing its operational efficiency,” Mohamed Ilyas.
Nexia SSY PLT is the established sole member firm in Malaysia with a strong presence in the Asia-Pacific region. Other than audit and assurance, Nexia SSY also provides services such as business taxation, special advisory services as well as personal tax and wealth management.
Commenting on Nexia SSY’s appointment, a market observer who is familiar with Serba Dinamik welcomed such development as “positive pending outcome of the special independent review by EY”.
“In this regard, Serba Dinamik has demonstrated its obligation and commitment to external stakeholders namely shareholders and regulators’ by appointing a global top ten auditor ahead of its end-July timeline,” he told FocusM on condition of anonymity.
“The will at least lift Serba Dinamik’s share price uncertainties amid the bearish market sentiment across the local bourse.”
At today’s close of trading, Serba Dinamik was down 1 sen or 2.33% to 42 sen with 66.37 million shares traded, thus valuing the company at RM1.56 bil. – July 26, 2021
