Bursa Securities suspends Serba Dinamik until further notice

The suspension in the trading of Serba Dinamik and all structured warrants relating to Serba Dinamik takes effect from 2.30pm, Oct 22 (Friday) until further notice,” it said.

KUALA LUMPUR: Bursa Malaysia Bhd has resolved to suspend the trading of securities of Serba Dinamik Holdings Bhd, including all structured warrants, effective from Friday afternoon.

“The suspension in the trading of Serba Dinamik and all structured warrants relating to Serba Dinamik takes effect from 2.30pm, Oct 22 (Friday) until further notice,” it said.

Bursa Malaysia said the suspension of the securities of the oil and gas services company was effected pursuant to paragraph 16.02(1)(c) of the Main Market Listing Requirements, in the interest of maintaining an orderly and fair marketin the trading of its securities.

Before the midday break, it was down two sen to 35 sen. It was actively traded with 105.17 million shares done.

At 35 sen, it is trading at the lowest since Oct 7. It has tumbled from RM1.60 on May 25.

On Sept 29, it announced its financial results, where it posted its lowest quarterly net profit since the oil and gas services firm went public in early 2017.

Gross profit in the three-month ended June 30 was RM136mil, down RM99mil from the immediate preceding quarter.

Net profit was RM14.9mil, or 0.4 sen a share, while revenue stood at RM1.2bil.

Serba Dinamik had changed its financial year end to June 30.

The stock had plunged since late May after its former external auditor KPMG raised issues with some of the company’s contracts and transactions valued at about RM3.5bil.

Serba Dinamik has rejected the concerns and has appointed an independent reviewer to verify those claims.

The company has also taken legal actions against its former external auditors.

In the financial results, it said the Covid-19 pandemic has impacted the overall business in general.

"The group trusts that O&M segment remain primary contributor to the Group, EPCC segment will contribute considerably, and ICT segment will be key of growth," Serba Dinamik said.

"Geographically, Middle East and South East Asia will remain key contributor to the Group meanwhile the Group also plan to enlarge its presence in Central and South Asia and Africa as the Group see more prospects within these regions," it had stated in its statment accompanying the financial results.