PITTED against a bearish market sentiment on the local bourse, Serba Dinamik Holdings Bhd shed almost 63% or 22 sen to 13 sen – an all-time low since the counter debuted on Feb 8, 2017 – as it came out of its almost seven-month hibernation.
Ending the mid-day trading break as the most actively traded counter with 430.69 million shares traded alongside its warrants, SERBADK-WA (which emerged the day’s second most active stock with 85.03 million warrants exchanged hands), Serba Dinamik has seen its market capitalisation eroded to RM485 mil from RM1.3 bil when it was suspended at 35 sen on Oct 22 last year.
The mother share was traded between a high of 15.5 sen and a low of 12 sen throughout the morning session.
According to theedgemarkets.com, brokers have demanded cash upfront for purchase of beleaguered Serba Dinamik securities which resumed trade at 9am today (Monday).
In a note to its clients, Affin Hwang Investment Bank said that effective today, the cash upfront requirement shall be imposed on any buy orders for Serba and its warrants.
“If you wish to buy Serba and/or its warrants, please ensure you have sufficient cash in your trust account and contact your dealer’s representative. Serba and its warrants are classified as NON-MARGINABLE counters and no value is given to the stocks in term of collateral valuation,” the investment bank pointed out.
Meanwhile, Kenanga remisiers were informed in an e-mail that “due to the uncertainties of Serba Dinamik’s financial condition and its Special Independent Review, with effects from Monday (May 9), purchases involving Serba Dinamik’s securities are not permitted except with 100% CASH UPFRONT prior trade execution.”
“Upliftment in BTX can be done at the branch level, please remember to suspend back once the order(s) has been keyed-in,” the remisers were reminded.
The global integrated oil & gas (O&G) outfit encountered further trading constraint with the suspension of its proprietary day trading (PDT) and intraday short selling (IDSS) for the rest of today.
In a special announcement, Bursa Malaysia Securities Bhd said the suspension is due to the last done price of the approved securities having dropped by more than 15% from the reference price.
“The short selling under PDT and IDSS will only be activated the following trading day, Tuesday (May 10) at 8:30am,” noted the market regulator.
At 4.32pm, Serba Dinamik was down 24 sen or 68.757 with 551.78 million shares traded, thus valuing the company at RM410 mil. – May 9, 2022
