Serba’s stock takes a dive as half its board resigns

Filings with Bursa Malaysia yesterday showed that five of its independent and non-executive directors have resigned, with four of them stating their disagreement over Serba Dinamik’s decision on Wednesday to take legal action against its former external auditors as their reasons for leaving.

KUALA LUMPUR: Serba Dinamik Holdings Bhd lost almost half of its board members in the latest twist to the company’s rapid fall from grace. The stock plunged 23% to a new low yesterday.

Filings with Bursa Malaysia yesterday showed that five of its independent and non-executive directors have resigned, with four of them stating their disagreement over Serba Dinamik’s decision on Wednesday to take legal action against its former external auditors as their reasons for leaving.