Saturday, January 29

Serba Dinamik’s suspension of trading continues until further notice

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The suspension was in a view that the company has not complied with Bursa Malaysia’s directive to make an announcement on the findings from the Factual Findings Update on the Special Independent Review.

KUALA LUMPUR (January 10) Serba Dinamik Holdings Bhd (SDHB) has announced that the suspension of trading in the company’s securities will continue until further notice.

In a filing with Bursa Malaysia, it said the suspension was in a view that the company has not complied with Bursa Malaysia’s directive to make an announcement on the findings from the Factual Findings Update on the Special Independent Review (SIR).

“Kindly be advised that the company has issued its outstanding annual report that includes the annual audited financial statements together with the auditors’ and directors’ reports for the financial period ended June 30, 2021 on Jan 6, 2022,” it said.

On Oct 22, 2021, the exchange has issued a directive to SDHB in relation to a status update on the company’s SIR.

According to Bursa Malaysia, the directive issued was for SDHB to make an announcement on the findings from the Factual Findings Update by Oct 26, 2021, and announce Bursa Malaysia’s directive immediately.

“Bursa Malaysia 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-executive directors on Oct 21, 2021.

“In this regard, Bursa Malaysia notes that to date, SDHB has not announced the findings from the Factual Findings Update in accordance to Paragraph 9.03 of the Main Market Listing Requirements (MMLR),” it said.

On Nov 25, 2021, SDHB told the exchange that in view of the change of external auditor and the impact of the movement restrictions in Malaysia and overseas arising from the COVID-19 pandemic, the audit of the financial statements for the financial period ended June 30 (AFS 2021) was affected.

It said that the AFS 2021 could not be finalised in time for inclusion in the annual report for the financial period ended June 30, 2021 for issuance by Nov 30 via its letter dated Oct 25 (the first extension of time application).

Bursa Malaysia had rejected the company’s application and subsequent appeal to postpone the submission of its FY2021 annual report from the initial deadline of Nov 30, 2021.

The company’s market capitalisation currently stood at RM1.3 billion, with its shares last traded at 35 sen. — Bernama