ASSUMING that Serba Dinamik Holdings Bhd heeds the High Court ruling yesterday (Feb 7) to reveal the Factual Findings Update (FFU) on its Special Independent Review (SIR) within two days from the order (by Wednesday or Feb 9), trading of shares/warrants in the company should be able to resume by next week the earliest.
But this is unlikely to be the case as Serba Dinamik is not letting the matter rest without a fight.
“We are submitting an appeal to the Court of Appeal … Meanwhile, we have applied for a stay pending our appeal yesterday,” a company source told FocusM. “The outcome should be known tomorrow (Feb 9) or the day after (Feb 10).”
If Serba Dinamik gets its way, then the counter shall remain suspended indefinitely, so to speak, as “the appeal process will be three months away”, according to people familiar with the matter.
For the record, lifting of the suspension in the integrated global oil & gas (O&G) service provider since the mid-day trading on Oct 22 now hinges on disclosure of the FFU by Ernst & Young Consulting Sdn Bhd which was appointed under the directive from Bursa Malaysia to perform the SIR on July 2 last year.
This is after Serba Dinamik having fulfilled its obligation to release its outstanding annual report alongside its annual audited financial statements and auditors’ and directors’ report for the 18 months ended June 30, 2021 on Jan 6, 2022.
In a listing circular dated Jan 10, Bursa Securities has made it clear that Serba Dinamik’s suspension will only be lifted upon complying with the market regulator’s directive to announce the findings from the FFU.
Yesterday (Feb 7), Bursa Malaysia Securities Bhd said the Kuala Lumpur High Court has ordered Serba Dinamik to make an immediate public announcement of the FFU on its special independent review of Sept 30, 2021 within two market days from the order.
The High Court also struck out the company’s application to expunge the findings from Factual Findings Update from the records, according to the market regulator.
“Bursa Securities wishes to reiterate that listed issuers must make immediate public disclosure of any material information under the Listing Requirements to ensure all investors are well informed of and are given equal access to material information in order to be able to trade on equal footing,” it pointed out in a media statement.
“Bursa Securities will continue to discharge its statutory duties to uphold and maintain an orderly and fair market.”
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. – Feb 8, 2022
