Serba Dinamik’s share price on the rise following board restructuring

The exercise also increases its market’s value by RM1.5m to RM1.5b


SERBA Dinamik Holdings Bhd saw an increase in its share price following a restructuring exercise that has been taking place in the group.

For the past month, Serba Dinamik’s share price has increased four sen or 9.46% to close at 40 sen yesterday from 37 sen on Sept 13, 2021.

Its value on the market also rose by RM1.5 million to RM1.49 billion yesterday from RM1.34 billion a month prior.

On Oct 1, 2021, the group appointed Dr Mohamed Ackiel Mohamed as deputy CEO along with the appointment of a few key management personnel as heads of regions where the company has a strong presence.

Serba Dinamik said this was following a realignment of exercise within the group’s organisation chart to ensure a more effective global operation that would allow the group to meet shareholders mandate.

Prior to his appointment at the company, Mohamed Ackiel was the company’s senior VP (special projects) where he led the firm’s digital transformation and several projects in the Middle East, Central Asia and Americas.

He also served as the deputy chairman of the board of governors for University Malaysia of Computer Science and Engineering, a higher learning institution wholly owned by Serba Dinamik.

In June, four independent and non-EDs resigned from Serba Dinamik’s board due to disagreement over legal action that was taken against its former external auditor KPMG PLT.

The four were Datuk Seri Tengku Hasmuddin Tengku Othman, Hasan Yusri Yusoff, Sharifah Irina Syed Ahmad Radzi and Rozilawati Basir who disagreed with the decisions taken by the board which they claimed were contrary to their views.

The group took legal action against the audit firm on the ground that the latter had caused reputational damage by flagging accounting discrepancies in the company’s financials.

Its chairman Datuk Mohamed Ilyas Pakeer Mohamed said the external auditor had blown the audit issues out of proportion which caused the group to lose RM3 billion in market capitalisation.

According to its Bursa filing, Serba Dinamik had recently appointed Datuk Seri Mohamed Farid Abu Hassan as its independent and non-ED on July 7.

He served at the Royal Malaysia Police for 42 years before retiring in June 2021 with the rank of Commissioner of Police while serving as the Special Branch director.

On the same day, the group also appointed Siti Zaleha Sulaiman as the board’s independent and non-ED as well as a member of the group’s risk, audit, nomination and remuneration committee.

Siti Zaleha currently serves as the independent and non-ED of Aimflex Bhd, a position she held since October 2020.

The group then appointed Mohamed Farid as the chairman of its remuneration committee and nomination committee.