Serba Dinamik to resume trading on Bursa Malaysia on Jan 13

KUALA LUMPUR: The trading of Serba Dinamik Holdings Bhd’s securities would resume with effect from 9 am on Jan 13, 2023, it said in a filing with Bursa Malaysia today.

In a separate filing, the company said it is advising investors to pay attention to the Listing Circular (Ref No ILC-12012023-00004) pertaining to the suspension of trading in the company, which would take effect from 9 am on Jan 18, 2023, in respect of the Winding Up Order against the company.

According to news reports, the High Court on Jan 10, 2023 allowed a petition filed by six financial institutions to wind up the company and its three subsidiaries.

The six financial institutions acting as the suit’s petitioners were Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd.

Judicial Commissioner Ahmad Murad Abdul Aziz granted a petition by the six petitioners to wind up Serba Dinamik and its subsidiaries, Serba Dinamik Group Bhd (SDGB), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik International Ltd (SDIL) in proceedings conducted via online.

The four companies were said to have a total debt of close to RM5 billion.

Meanwhile, in a separate filing, the company said it lodged an appeal on Jan 11, 2023 against the decision of the High Court on Jan 10, 2023 in dismissing the company’s application to adjourn the hearing of the winding up and the High Court’s decision to proceed to wind up the company.

It said SDIL would also be applying to set aside the High Court’s decision to wind up the company.

"The board of directors has received advice that the order to wind up SDIL was made ultra vires.

"The board of directors has instructed its solicitors to stay the winding up of the company and its subsidiaries pending the appeal and/or setting aside of the Order,” Serba Dinamik said.

It said the company would make further announcements when there is material development on the aforesaid.

In a separate statement, Serba Dinamik said it has issued its outstanding annual report for the financial year ended June 30, 2022.

Previously, in a filing with Bursa Malaysia on Dec 22, 2022, the company said the issuance of its annual report 2022 has been delayed as the audited financial statements, together with its auditors’ and directors’ reports for the financial year ended June 30, 2022, have not been completed.

On Dec 19, 2022, the financially distressed oil and gas services provider said if the group is unable to submit the outstanding annual report 2022 on or before Dec 22, 2022, trading in the company’s securities would be suspended from 9 am on Dec 23, 2022 until further notice. - Bernama

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