Serba Dinamik takes Bursa to court, SCIB fails to meet deadline

The O&G company is also seeking damages against Bursa where the application is fixed for hearing on Nov 11

by NUR HANANI AZMAN / pic by TMR FILE

SERBA Dinamik Holdings Bhd has filed an originating summons (OS) at the High Court against Bursa Securities Sdn Bhd to challenge the regulator on the requirement of special independent review (SIR) arguing that Bursa have acted in excess of power.

The oil and gas (O&G) company, which filed a lawsuit against its former auditor KPMG Ltd over the audit disputes, argued that Bursa has no authority to direct the company to make announcements about material that is unlikely to comply with Paragraphs 9.03 and 9.35A of Main Market Listing Requirement and any “Factual Findings Update” (FFU) that may or may not be used by its auditor to form an audit opinion at the end of the audit of the company’s financial statements.

In addition, Serba Dinamik is also seeking damages against Bursa.

The application for interim injunctive relief is fixed for hearing on Nov 11 and the case management for the OS has been fixed on Nov 17.

The suspension on the trading in Serba Dinamik’s shares remains in effect as the company has not complied with Bursa’s directive to make an announcement on the findings from the SIR.

Serba Dinamik has not complied with the directive to make an announcement on the findings from the FFU on the SIR by Oct 26, 2021.

Meanwhile, KPower Bhd chairman Datuk Dr Mohd Abdul Karim Abdullah sold 900,000 shares, the company’s filing to the exchange yesterday showed.

Mohd Karim, who is Serba Dinamik group MD and CEO, now owns 113.25 million shares in KPower. Both companies have Mohd Karim as a common major shareholder.

KPower closed 7% higher at 54 sen.

Meanwhile, shares in Sarawak Consolidated Industries Bhd (SCIB) rose 10.81% to 21 sen yesterday despite failing to issue its annual report for the financial year ended June 30, 2021 (FY21) by yesterday as directed by the exchange.

The civil engineering specialist trading volume stood at 34.67 million yesterday with a market capitalisation of RM119.32 million.

In the past one month, the counter has fallen over 51% in value.

On Oct 26, SCIB announced that the Extension of Time (EOT) application to complete its annual report 2021 was rejected by Bursa.

Therefore, the trading of SCIB shares will be suspended from today onwards until further notice.

On Oct 8, SCIB had sought for an EOT up to Dec 31, 2021, to complete its audit of the financial statements for FY21 of SCIB Group so that it can be included in the annual report, as it was affected by the change of external auditor and the movement restrictions in Malaysia and overseas due to the Covid-19 pandemic.

SCIB’s previous auditor KPMG resigned in late July and was replaced by Nexia SSY PLT in mid-August.