SERBA Dinamik Holdings Bhd has confirmed that all resolutions – including a special resolution to amend the company constitution – have been approved by its shareholders during the company’s fifth annual general meeting (AGM) today.
The two-and-a-half hours meeting with over 500 shareholders in attendance was conducted on a fully virtual basis by way of live streaming beginning 3pm, according to the global integrated oil & gas (O&G) service provider.
At the start of the AGM, Serba Dinamik’s chairman Datuk Abdul Kadier Sahib welcomed all shareholders and provided them with his quick take on recent developments related to the group.
Following the chairman’s welcoming speech, managing director & group CEO Datuk Dr Mohd Abdul Karim Abdullah presented the key update on the group’s operational and financial performance for the financial year ended June 30, 2021.
“Despite the rough and challenging year due to the unprecedented COVID-19 pandemic, the group is fit to achieve reasonable acceptable performance for our financial year ended June 2021,” he noted in a media release.
Abdul Karim also managed to address all pertinent questions from the Minority Shareholders Watch Group (MSWG) during the AGM which among others, touched on the high impairment of Serba Dinamik’s trade receivables.
“The group has to bite a bullet to impair the trade receivables due to time constraints as well as travel restrictions in certain countries where the group is operating,” he added during the AGM.
Other significant updates include the group’s decision to submit its regularisation plan which will include the possible options for reaching an amicable solution for its debt restructuring and in order to remain competitive in the current business environment.
The group is also optimistic about getting back on track over the next two years with some of its operations showing positive year-on-year improvement, particularly those in the information and communication technology (ICT) and education segments.
Of all its resolutions, it has to be pointed out that the resolution to approve the payment of directors’ fees and benefits from Feb 1, 2022 until the company’s next AGM (up to a total amount not exceeding RM3 mil) was passed despite 220 shareholders voting against the resolution versus 151 who were in favour.
This is because the 151 shareholders alone held 1.19 billion shares (93.55%) as compared to 82.31 million shares (6.45%) held by the 220 shareholders who opposed the resolution.
Elsewhere, the company also announced the resignation of its independent non-executive director Abu Bakar Uzir who was also chairman of its audit committee with effect from today. Abu Bakar, 44, was appointed to both positions on Nov 25 last year.
Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares/warrants, hence giving the company a market capitalisation of RM1.3 bil. – Jan 31, 2022
