by S BIRRUNTHA / pic by TMR FILE
BURSA Malaysia Securities Bhd has issued a directive to Serba Dinamik Holdings Bhd regarding the status of the company’s special independent review (SIR) report.
The stock exchange in a statement last Friday said the directive issued was for Serba Dinamik to make an announcement on the findings from the Factual Findings Update by Oct 26, 2021, and announce the Bursa Securities directive immediately.
“Bursa Securities notes that the findings from the Factual Findings Update as at Sept 30, 2021, on the SIR have been communicated to three out of four independent non-EDs on Oct 21, 2021.
“In this regard, Bursa Securities notes that to date, Serba Dinamik has not announced the findings from the Factual Findings Update in accordance with Paragraph 9.03 of the Main Market Listing Requirements (MMLR),” it noted.
Bursa Securities said the directive also imposes a suspension of trading on Serba Dinamik’s securities on the next market day after the directive deadline, in the event of non-compliance to the directive.
It added that the suspension will remain until an announcement in compliance with the directive and Paragraph 9.35A of the MMLR is made by Serba Dinamik on the findings from the Factual Findings Update.
“The directive is issued to ensure material information is disclosed in a timely manner and to provide clarity to the market,” the stock exchange said.
Bursa Malaysia suspended trading of Serba Dinamik’s securities from 2.30pm last Friday until further notice.
“The suspension is effected pursuant to paragraph 16.02(1)(c) of the MMLR in the interest of maintaining an orderly and fair market in the trading of Serba Dinamik’s securities.
“Accordingly, all structured warrants relating to Serba Dinamik will also be suspended at the same time,” Serba Dinamik said in a Bursa Malaysia filing.
Bursa Malaysia said in a separate statement on Oct 22 that it has resolved to suspend the trading of Serba Dinamik securities including all structured warrants relating to the company from 2.30pm last
Friday until further notice in the interest of maintaining an orderly and fair market in the trading of Serba Dinamik securities.
The halt on the suspension came a day after Serba Dinamik’s group MD and CEO Datuk Mohd Abdul Karim Abdullah disposed of his entire holding of 55.9 million of the group’s warrants last week, as the price of the warrants hover near record low levels.
According to filings, he disposed of 21.58 million warrants on Oct 18, 34.2 million warrants on Oct 20, and a further 123,600 warrants yesterday.
According to Bloomberg data, he holds a 21.2% stake in the oil and gas services firm.