Serba Dinamik’s trading suspension continues

Trading of shares of the group have been suspended since Oct 22 

by S BIRRUNTHA / pic by TMR FILE 

SERBA Dinamik Holdings Bhd shares will remain suspended until further notice if the company fails to file its annual report by tomorrow. 

Trading of shares of the group have been suspended since Oct 22. 

In a filing to Bursa Malaysia yesterday, the oil and gas engineering group stated that Bursa Malaysia Securities Bhd had on Oct 25 granted Serba Dinamik an extension of time of one month from Oct 31 until Nov 30, 2021, to issue its annual report that includes the annual audited financial statements together with the auditors’ and directors’ reports for the financial period ended June 30, 2021 pursuant to Paragraph 9.23(1) of the Main Market Listing Requirements (MMLR). 

However, the group failed to issue its annual report to Bursa Securities for public release within the extended timeframe of Nov 30. 

“In view of the above and in the event that Serba Dinamik is unable to submit the outstanding annual report on or before tomorrow, trading in the company’s securities will be suspended with effect from 9am on Dec 9 until further notice,” the Serba Dinamik filing to the exchange yesterday stated. 

The filing added that the suspension of trading of Serba Dinamik shares will continue until further notice. Serba Dinamik’s shares were last traded at 35 sen a share. 

Serba Dinamik is involved in legal tussles with Bursa Securities and external auditors over accounting issued flagged by former auditors KPMG Ltd. 

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

The company, which filed a lawsuit against its former auditor KPMG over the audit disputes, argued that Bursa Securities 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 MMLR 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. 

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. 

The company is facing the event of a default on its bond coupon payment due on Dec 9. 

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