The Week That Was

Karim under pressure

SHARES in other companies linked to Serba Dinamik Holdings Bhd’s boss Datuk Mohd Abdul Karim Abdullah came under heavy selling pressure.

Sarawak Consolidated Industries Bhd’s (SCIB) share price tumbled on Tuesday, after the company said it would not be able to meet the month-end deadline to submit its audited accounts and annual report for the financial year ended June 30 after Bursa Malaysia rejected its application for an extension on Monday.

The stock risked being suspended if its appeal to the stock market operator for an extension was shot down again.

SCIB appointed Nexia in August to audit its books after former auditors KPMG resigned in late July.

The company said that its new auditors needed more time to complete their work.

On Wednesday, SCIB said it had aborted a placement of 91 million new shares and the funds received would be returned to the investors.

Shares in KPower Bhd, another company in which Karim is a substantial shareholder, also fell.

Serba Dinamik was suspended on Oct 22. The suspension is until further notice by the stock exchange after the company failed to comply with its directive.

“Based on our understanding, soft copies of the factual findings update were provided to the independent non–executive directors (INEDs) of Serba Dinamik on Oct 22,” the stock exchange said in a statement on Oct 25.

It added that “physical copies” of the said documents were delivered to the INEDs on Oct 23.

On Oct 22, Bursa Securities issued a directive to Serba Dinamik to announce the findings by Oct 26.

On Monday, Serba Dinamik said there were no documents or copy of any documents that fit the description of “factual findings update” given to the INEDs as of Oct 22.

The Saga begins in Pakistan

PROTON Saga cars have started rolling off the assembly line in Pakistan, according to Perusahaan Otomobil Nasional Sdn Bhd (Proton), the car maker owned by DRB-Hicom Bhd and Geely.

This will be followed by the X70 model, which is expected to hit the market in December.

The US$20mil (RM82.98mil) assembly plant near Karachi and operated by Al-Haj Automotive Group, has an initial capacity of 25,000 units a year.

It was reported that there were 2,500 orders for the Saga and over 2,000 orders for the X70.

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