Covid-19 relief measures help Serba Dinamik avoid PN17 status


KUALA LUMPUR: Serba Dinamik Holdings Bhd has triggered PN17 criteria but will not be classified as such following the COVID-19 relief measures.

Serba Dinamik said it had on Dec 9, 2021 triggered the prescribed criteria as set out in Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 -- Criteria and Obligations of PN17 Issuers of the Main Market Listing Requirements (MMLR) of Bursa Malaysia Securities Bhd.

The company today confirmed that SD International Sukuk Ltd (SDISL), a wholly-owned subsidiary of Serba Dinamik International Ltd, which in turn is a wholly-owned subsidiary of the company, has defaulted in its payment of interest due on Dec 9, 2021 pursuant to the US$300 million trust certificates due on May 9, 2022 amounting to US$6.5 million (USD Sukuk).

"Pursuant to the abovementioned PN17 Relief Measures, Serba Dinamik will not be classified as PN17 affected listed issuer," it said in a filing with Bursa Malaysia today.

Under the measures, the affected listed issuer must, upon the expiry of the 18 months from the PN17 Relief Announcement, reassess its condition and announce whether it continues to trigger any of the criteria in PN17 of the MMLR.

If the affected listed issuer continues to trigger any of the criteria in PN17, it will be classified thereafter and must comply with all the obligations under Paragraph 8.04 and PN17 of the MMLR from the date of the PN17 Subsequent Announcement.

Serba Dinamik's shares has been suspended since Oct 22. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

UK inflation hits 9%, highest since 1980s
Shanghai lets financial firms resume work�as COVID curb ease - sources
FBM KLCI sustains rally in anticipation of earnings results
Netflix trims staff to weather slowing growth
China April new home prices fall for the first time since Dec as Covid bites
CIMB wins trio of awards in FinanceAsia's Asia's Best Managed Companies 2022 poll
Ringgit tracks Chinese yuan higher at opening
Westports could replace Inari on FBM KLCI, says RHB
IWH appoints Shahril Ridza Ridzuan as independent non-executive chairman
Rally continues as US stocks surge overnight

Others Also Read