THE dilapidated and run-down sight of Serba Dinamik Holdings Bhd headquarters in Section 14 Shah Alam that was recently captured by stock market influencer Cikgu Saham Official on his Facebook page has elicited 1,001 feelings that range from gratitude to speechlessness to anger.
Of interest was the comments from ex-employee Cobra Hand:
“Even Serba Dinamik has fallen – and it doesn’t matter if the CEO, boss or owner is wrong, plundered its wealth or mismanaged the company – I’m still thankful and grateful for having worked with Serba Dinamik (during its heydays) for it enabled me to put food on the table and provide sustenance for my wife and children. Thank you, Serba Dinamik.”
Another pioneer staff Jue Hjm claimed that he was the designer of the company’s logo based on the original design handed over to him by company co-founder Datuk Mohd Abdul Karim Abdullah.
“At least it is a memory to be proud of until now although I didn’t for a long time. Sad to see the shape of the company today. But I’m sure mos shareholders are still leading n easy life. It’s only the workers who aren’t getting a decent remuneration.”
Chris Apheal who worked with Serba Dinamik for nine years claimed that never once was the staff salary paid later than the 25th of every month. Moreover, there was no salary deduction when the COVID-19 pandemic hit.
While there were ex-staff who feel indebted to the generosity of Serba Dinamik’s management during the company’s heydays, those who dabbled in the company’s stocks claimed foul for they had their fingers badly burned. Hence, they described the ill fate that has befallen Serba Dinanik as “bad karma”.
Few netizens with enterprising prowess see the downfall of Serba Dinamik as one of “good company, bad management” which is so typical with Malay-owned businesses.
Some update on Serba Dinamik
Back to the dilapidated building which used to house the Serba Dinamik headquarters, it was reported on Oct 11 last year that APB Resources Bhd has planned to acquire the 16-storey Menara Serba Dinamik in along with the leasehold land where it sits for RM38 mil subject to the High Court’s approval.
The process equipment maker said it has received a letter from Serba Dinamik’s liquidator in respect of the liquidator’s application for directions on the sale on the leasehold land together with the office building.
According to a recent New Straits Times report, the financially-strapped oil & gas (O&G) engineering outfit is on the look-out for a white knight to either assume its listing status or facilitate a reverse take-over of the company.
The company which was classified a Practice Note 17 (P17) company on Jan 7, 2022 has appointed PwC to call for submissions to participate in its restructuring exercise with March 29 being the closing date for submissions.
Serba Dinamik which has been suspended from trading at 2 sen since Jan 18, 2023 has been in the red since its financial year ended June 30, 2021 with its current and past directors – including its group managing director/CEO Datuk Mohd Abdul Karim Abdullah – reprimanded several times by the regulators for breaches of listing requirements.
The latest was on Dec 21 last year when Bursa Malaysia Securities Bhd publicly reprimanded Serba Dinamik and 10 of its directors in addition to imposing fines ranging from RM355,200 to RM1.38 mil on them for having breached six of the market regulator’s Main Market Listing Requirements (Main LR).
Head honcho Abdul Karim and executive director Datuk Syed Nazim Syed Faisal were each fined RM1.38 mil.
Non-executive chairman Datuk Abdul Kadier Sahib was fined RM785,400 while Datuk Awang Daud Awang Putera, Datuk Mohamed Ilyas Pakeer Mohamed, Johan Mohamed Ishak, Datuk Seri Mohamed Farid Abu Hassan and Siti Zaleha Sulaiman were fined between RM600,000 and RM710,400.
Noor Azri Noor Azerai and Abu Bakar Uzir were fined RM355,200 and RM360,400, respectively. – March 12, 2024
