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

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