KUALA LUMPUR: Serba Dinamik Holdings Bhd, a Practice Note 17 (PN17) company, has been given until May 15 by Bursa Malaysia to present its regularisation plan.
This extension marks the company’s second extension after missing the initial deadline of July 5, 2023.
The reasons behind the company’s failure to meet the July 5 deadline remain undisclosed.
After receiving a six-month extension, Serba Dinamik was scheduled to submit the plan in January 2023.
A Bursa filing on Tuesday stated that failing to submit the regularisation plan by May 15 would result in Serba Dinamik’s delisting from the stock market.
Additionally, delisting could occur if the company fails to obtain approval for the plan’s implementation, if its appeal is unsuccessful, or if the plan is not implemented within the specified timeframe.
As of now, trading of Serba Dinamik’s shares remains suspended until further notice.
Bursa Malaysia initially suspended its trading on January 18, 2023.
Serba Dinamik entered PN17 status on January 6, 2022, after Nexia SSY PLT, its external auditor, issued a disclaimer of opinion on its audited financial statements for the 18 months ending June 30, 2021, due to a change in Serba Dinamik’s financial year-end.
In April 2020, the Securities Commission Malaysia imposed a compound of RM16 million on Serba Dinamik, its group managing director and chief executive officer Datuk Mohd Abdul Karim Abdullah, and three other senior executives.
This action was taken regarding submitting a false statement concerning revenue of RM6.01 billion for the financial year ending December 31, 2020, which had been flagged by the company’s external auditor, KPMG.
In August 2023, Serba Dinamik announced that it had lodged an appeal with Bursa Malaysia regarding the exchange’s decision to delist the company on August 28 due to its failure to submit a financial regularisation plan within the specified timeframe.
In November 2023, Serba Dinamik again failed to meet the deadline to submit its quarterly report for the fourth consecutive time without clarifying the reasons behind the delay.
The company additionally did not release its annual report for the financial year ending June 30, 2023, by the October 31, 2023 deadline and has still not done so.
Bursa Malaysia denied the request for Serba Dinamik for an extension until January 15, 2024.
