Bursa grants Serba Dinamik second extension of time until May 15 to submit regularisation plan

Bursa grants Serba Dinamik second extension of time until May 15 to submit regularisation plan

KUALA LUMPUR (April 16): Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd said it had been granted an extension of time until May 15 by Bursa Malaysia to submit its regularisation plan.

This is the second extension of time secured by Serba Dinamik to submit the regularisation plan after it did not meet the July 5, 2023 deadline.

The troubled oil and gas company, however, did not say why it could not meet the July 5 deadline.

Serba Dinamik was originally supposed to submit the plan in January 2023, but was granted a six-month extension.

Bursa said in a filing on Tuesday that it would delist Serba Dinamik from the stock market should the company fail to submit the regularisation plan by May 15.

Besides that, Serba Dinamik would also be delisted if it fails to obtain approval for the implementation of the regularisation plan, if it does not succeed in another appeal, or if the company fails to implement the plan within the time frame stipulated.

At this current juncture, Serba Dinamik’s shares are still suspended from trading until further notice. Its securities were first suspended by Bursa on Jan 18, 2023.

Serba Dinamik fell into PN17 status on Jan 6, 2022, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021, following a change of Serba Dinamik’s financial year end.

In April 2020, the Securities Commission Malaysia compounded Serba Dinamik, its group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah, as well as three other top executives a total of RM16 million in relation to the submission of a false statement involving revenue of RM6.01 billion for the financial year ended Dec 31, 2020, which was previously red-flagged by the company’s external auditor, KPMG.

In August 2023, Serba Dinamik said it had submitted an appeal to Bursa over the bourse’s decision to delist the company on Aug 28 for its failure to submit a financial regularisation plan within the allotted time frame.

In November 2023, Serba Dinamik missed the deadline to submit its quarterly report for the fourth time, although it did not clarify why it was unable to meet the deadline.

The group also failed to issue its annual report for the financial year ended June 30, 2023 by the Oct 31, 2023 deadline, and has yet to issue the annual report to date. Its request to extend the deadline for this until Jan 15, 2024 was rejected by Bursa.

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