Serba passes Bursa’s D-day for independent reviewer with flying colours

SERBA Dinamik Holdings Bhd has confirmed a FocusM report that its board has formally appointed Ernst & Young Consulting Sdn Bhd (formerly Ernst & Young Advisory Services Sdn Bhd) as the special independent reviewer to assess the accuracy and veracity of the matters highlighted by the company’s former external auditors KPMG PLT.

“This decision is on the back of discussion held between the company and Bursa Malaysia where EY is fit for the engagement as they are from the reputable Big-Four firm of auditors,” the global integrated oil & gas (O&G) service provider pointed out in a Bursa Malaysia filing.

“The appointment of EY is also made under the directive from Bursa Malaysia pursuant to paragraphs 2.23 and 2.24 of the Main Market Listing Requirements of Bursa Malaysia.”

As per agreed by the market regulator, Serba Dinamik said the job scope comprised the following areas:

A source close to the top management told FocusM that the first meeting with EY has been scheduled for next week. “Both EY and Serba Dinamik have committed their full commitment to resolve this task as soon as possible,” the source pointed out.

On a ‘sour’ note, however, is that the shareholding of the company’s group managing director/CEO Datuk Dr Mohd Abdul Karim Abdullah had further shrunk to 21.59% after he was forced to dispose of 95 million shares in the open market on June 29 at an average price of 35 sen.

“Thankfully, the strong buying interest managed to absorb the forced selling pressure. Abdul Karim is looking to buy back the shares he sold once he has finalised his loan arrangement,” added the source.

At the close of today’s trading, Serba Dinamik was up 0.5 sen or 1.32% to 38.5 sen with 542.68 million shares traded, thus valuing the company at RM1.43 bil – July 2, 2021

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