SERBA Dinamik Holdings Bhd has nosedived 50% to an all-time low of 4 sen in brisk trading from yesterday’s (Aug 23) closing of 8 sen after the Kuala Lumpur High Court appointed an interim liquidator (IL) to take control of the group and three of its subsidiaries.
Such drastic action follows a breach of consent order that requires the group to start repaying a syndicated loan owed to six banks.
At the close of today’s trading, the cash-strapped integrated global oil & gas (O&G) outfit which was the day’s most actively traded stock with 276.79 million shares exchanged hands was down 3.5 sen or 43.75% to 4.5 sen with a market capitalisation of a mere RM168 mil.
According to theedgemarkets.com which followed Tuesday’s (Aug 23) court proceeding, the IL will have power to control affairs of the group and its three subsidiaries until the full appointment of a liquidator to kick-start a winding-up process.
These six banks – the petitioners that had requested for the appointment of an IL – are Standard Chartered Saadiq Bhd; HSBC Amanah Malaysia Bhd; AmBank Islamic Bhd; MIDF Amanah Investment Bank Bhd; United Overseas Bank (M) Bhd; and Bank Islam Malaysia Bhd.
Serba Dinamik and its three subsidiaries – Serba Dinamik International Ltd, Serba Dinamik Group Bhd and Serba Dinamik Sdn Bhd – were represented by Mak Lin Kum while the six banks were represented by Datin Jeyanthini Kannaperan of Shearn Delamore & Co.
The hearing of a winding-up petition against Serba Dinamik is scheduled for Jan 10 next year with a decision possibly delivered on the same day.
In his ruling on Tuesday, High Court Commercial division judge Nadzarin Wok Nordin said the primary interests in winding-up proceedings are the interests of creditors.
Nadzarin found no dispute in the consent order entered into by the parties on June 8 which “expressly states” that in the event of a default, Serba Dinamik and its related companies “shall not object or oppose the appointment of an IL”. – Aug 24, 2022
