KUALA LUMPUR (May 24): Serba Dinamik Holdings Bhd’s subsidiary, Serba Dinamik Sdn Bhd (SDSB), has defaulted on its payment for term equity and financing facilities totalling about RM14.63 million provided by Public Bank Bhd (PBB) and Public Islamic Bank Bhd (PIBB).
In a filing with Bursa Malaysia today, it said for PBB, SDSB’s date of default in payment was on Feb 3, 2023, amounting to an overdraft of RM528,215.91 as of Jan 10, 2023.
Meanwhile, for PIBB, SDSB defaulted its payment for term equity financing-i amounting to RM9,576,806.53, term equity financing-i amounting to RM3,235,442.30 and term equity financing-i amounting to RM1,285,362.13 on Jan 11, 2023.
It said Victor Saw Seng Kee of PricewaterhouseCoopers Advisory Services Sdn Bhd has been appointed as liquidator of Serba Dinamik, Serba Dinamik Group Bhd, SDSB and Serba Dinamik International Ltd on Jan 10.
Serba Dinamik said as of the moment, PBB and PIBB have initiated legal proceedings to exercise their rights as secured creditors as per the terms of the financing agreements.
On measures to address the default in interest payment, it said the liquidator’s team have reached out to PBB and PIBB to discuss an outcome that served the best interest of the company, SDSB as well as PBB and PIBB.
“The company shall endeavour to continue its business and operations despite the default.
“The company is undertaking several restructuring and cost-cutting measures together with the liquidator in an effort to reduce the cash outflows and improve cash inflows,” it said.
Serba Dinamik said this is part of a greater restructuring and regularisation plan aimed at restoring the company’s status and resolving the financial distress that the company is currently facing.
At this juncture, the company said it is unable to provide Bursa Malaysia Securities Bhd a solvency declaration pursuant to Paragraph 9.19A(4) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd. – Bernama