Institutional investors against ousting of Serba Dinamik’s external auditor

THE Institutional Investors Council (IIC) views with concern the issues surrounding Serba Dinamik Holdings Bhd, in particular the call by its non-independent non-executive director Datuk Abdul Kadier Sahib, who holds a 15.96% stake in the global oil and gas integrated engineering services provider, to remove KPMG PLT as the company’s external auditors.

In a Bursa Malaysia filing late last Friday, the board of Serba Dinamik said an EGM would be convened to seek shareholders’ approval pursuant to Section 311 of the Companies Act 2016 to replace KPMG with BDO PLT as the company’s new auditors for its financial year ending June 30,2021.