Serba Dinamik shares to resume trading on May 9

KUALA LUMPUR: The suspension in the trading of Serba Dinamik Holdings Bhd's shares will be lifted from 9 am, May 9, 2022.

This follows the company's move to announce, among others, the findings from the Factual Findings Update (FFU), in compliance with Bursa Malaysia’s Directive (Order).

The trading in the company's securities was suspended on Oct 27, 2021 due to its failure to comply with Bursa Malaysia's Directive.

However, Bursa Malaysia Securities Bhd (Bursa Securities) in a statement today said that the findings from the FFU contained Serba Dinamik's views and these comments and rebuttals do not represent its views on the matter and will not be responsible to check the accuracy, completeness or adequacy of any of the same.

"Bursa Securities, however, wishes to highlight that the statements made in the announcement relating to the circumstances surrounding the appointment of Ernst & Young Consulting Sdn Bhd (EY), the terms of its appointment, the fact that EY did not sign the FFU and the lack of powers on the part to issue Bursa’s Directive to Serba Dinamik, were also raised by Serba Dinamik as issues in the civil proceedings between Bursa Securities and Serba Dinamik in Originating Summons No. WA-24NCC-500-11/2021 and WA-24NCC-535-11/2021," it said.

These issues have been dismissed by the High Court in the two respective sets of civil proceedings.

Bursa Securities also reiterated that its Order also required, among others, for Serba Dinamik to announce the impact of the FFU on the business, financial status and operation, complete the special independent review (SIR) with EY, and provide or instruct its agent or servants to furnish bi-weekly written updates of the review to Bursa Securities.

It said the SIR is not completed or finalised to-date.

The independent auditors of Serba Dinamik, Nexia SSY PLT, who were engaged to audit the financial statements for financial period ended June 30, 2021 did not express an opinion on the said financial statements, because Nexia had not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. - Bernama