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InstaForex

June 25, 2021

Serba Dinamik Increasingly Irregular, Record New Lowest Levels!

The share price of Serba Dinamik Holdings Bhd recorded a decline to a new all -time low of 50 sen in the morning session of trading on Bursa Malaysia following the announcement of KPMG PLT's resignation as its external auditor yesterday.


Today, Serba Dinamik's share price declined 4 sen or 7.48% to 49.5 sen before recording a loss of 52 sen around 9.57am, with a market capitalization of around RM1.93 billion.


The company has 3.71 billion issued shares. The counter is the second most actively traded counter to date with around 75 million shares changing hands.


Serba Dinamik in a filing to Bursa Malaysia yesterday said the resignation notice stated that the suit filed on June 22 against KPMG PLT regarding the company's ongoing statutory audit for the financial period ended June 30, 2021, had affected the auditor's ability to continue its audit. professional.



"The company is currently identifying new auditors to be appointed, in accordance with Section 271 (2) (b) of the Companies Act 2016 and will make an announcement immediately after the finalization of the appointment of these auditors," he said as reported by Bernama.


In a separate statement, Serba Dinamik stressed that it had never claimed that its chairman had been in formal contact with the Securities Commission (SC) or

Bursa Malaysia Bhd (Bursa).


"We appreciate the institution for not complicating the facts of this case, the facts that still exist in general," he explained.


The Company acknowledges the opinion by the SC and the Exchange that the auditors may have some element of professional doubt during the audit.


"But these doubts should be communicated to customers to find a solution to the matters highlighted and on the basis of doubt alone is not enough for auditors to make a report prematurely because this will be detrimental to the company and the market," he added.