Shares of Serba Dinamik Holdings Bhd declined by 6.5 sen or 10.74% to a new low of 54 sen following continued sales activity due to the company's audit problems.
During the midday break, the counter was down 55.5 sen, down 5 sen or 8.26%.
The counter was the most actively traded stock this morning, with 166.84 million shares traded.
Since the audit issue erupted, the company has lost RM3.93 billion in market value.
According to a report last week, UOB analyst Kay Hian, Kong Hong Meng cut its revenue projections for Serba Dinamik by 25% and 19% for the financial year ended December 31, 2022 (FY22) as well as FY23 as he believes the company will experience short -term financing issues that could affecting his income.
He maintained a ‘hold’ rating on Serba Dinamik shares.
The selling pressure on Serba Dinamik continued after its founder, Datuk Awang Daud Awang Putera on Wednesday and Thursday last week sold a total of 12.8 million shares of the company.
Following the sale, its shares decreased to 62.49 million or 1.69% from 75.29 million or 2.24% previously.
In a statement issued last week, Awang Daud said he sold his shares due to a 'margin call' and stressed that he was confident the board would look after the interests of shareholders.
Meanwhile, the Employees Provident Fund (EPF) sold a total of 2.05 million shares in Serba Dinamik between June 2 and 8.
In addition, the Retirement Fund (Incorporated) (KWAP) sold 26.18 million shares between May 31 and June 1.
The share sale activity took place after KPMG raised questions about previous Serba Dinamik transactions in excess of RM3 million.
