Serba Dinamik tables takeover bid for SCIB


SERBA Dinamik Holdings Bhd founder and group MD/CEO Datuk Mohd Abdul Karim Abdullah (picture) has tabled a RM1.10 per share offer for all the remaining shares in Sarawak Consolidated Industries Bhd (SCIB).

Mohd Abdul Karim made the mandatory offer after raising his stake in the property and construction concern to 42.84% after acquiring a 20.31% stake from undisclosed parties for RM1.10 yesterday.

The bid for the remaining 51.37% will cost him and persons acting in concert (PACs) RM48.53 million cash.

The offer price is at a premium of 2.8% from the last done price of RM1.07.

Trading in SCIB shares has been halted by Bursa Malaysia Securities Bhd until the start of trading today, an SCIB filing yesterday noted.

SCIB’s share price has more than doubled year-to-date from 48 sen.

The PACs with Mohd Abdul Karim are Serba Dinamik senior VP Rosland Othman, who currently holds 2.35 million SCIB shares or a 2.75% stake; and group financial controller Azhan Azmi who currently holds 2.6 million SCIB shares or a 3.04% equity interest.

On May 27, Mohd Abdul Karim emerged as the largest shareholder in SCIB when he acquired 19.35 million shares for a 22.53% stake in the company.

Mohd Abdul Karim, 54, is currently the non-independent and non-ED of SCIB since Aug 1, 2019.

He started his career as an engineer by profession and has accumulated 30 years of working experience in engineering-related operations. In 1993, he formed Serba Dinamik Sdn Bhd and assumed the position of CEO.

He gained vast experience in the maintenance and installation of rotating equipment since 1993 that includes major overhaul/inspection of 37MW Mitsubishi Heavy Industries Ltd steam turbines in Modules 1, 2 and 3 of Malaysia LNG Sdn Bhd, and the overall supervisory of plant shutdown maintenance on various rotating equipment.

On Feb 8, 2017, Serba Dinamik was listed on the Main Market of Bursa Securities and he assumed the position as the group MD/CEO.

The offer will remain open for acceptance for not less than 21 days for the posting date, unless the offeror withdraws the offer with the Securities Commission Malaysia’s prior written approval.

The offerors intend to maintain the listing status of SCIB on the Main Market of Bursa Securities.

Apart from SCIB, Mohd Abdul Karim holds a 22.53% stake in Serba Dinamik and a 20.04% stake in Kumpulan Powernet Bhd, where he is the deputy chairman.

He had earlier purchased a 20.04% stake in Kumpulan Powernet on June 20, making him the single-largest shareholder in the company.