Serba Dinamik Stocks Drop 16%! - Kakiforex.com - Financial Market Media No. 1 in the World Serba Dinamik Stocks Drop 16%! Serba Dinamik Stocks Drop 16%!
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June 28, 2021

Serba Dinamik Stocks Drop 16%!

 Shares of Serba Dinamik Holdings Bhd fell 16% following the resignation of four independent non-executive directors last Friday following differences of opinion over the company's move to take legal action against its former external auditor, KPMG PLT.


Bernama reported that at 10.50am, the stock dropped 6.5 sen to 34.5 sen with 373 million shares traded.


According to Serba Dinamik, the four directors are Hasman Yusri Yusoff, Datuk Seri Tengku Hasmuddin Tengku Othman, Sharifah Irina Syed Ahmad Radzi and Rozilawati Basir


On June 22, the oil and gas service provider announced that a civil claim for losses it had suffered had been filed against KPMG following professional negligence, breach of contract and breach of statutory duty.



Two days later, KPMG submitted a notice of resignation as the All-Dynamic auditor with immediate effect, explaining that the claim had affected its ability to continue its audit duties independently and perform professional responsibilities.


The audit dispute arose from KPMG's action to highlight discrepancies involving transactions amounting to RM4.54 billion in May this year.


On Friday, Serba Dinamik announced a net profit of RM113.32 million and revenue of RM1.38 billion for the quarter ended March 31, 2021, contributed mainly by the operations and maintenance segment as well as the engineering, procurement, construction and commissioning segments.


Earlier, the company also announced that the end date for the financial year had been changed from December 31 to June 30.


Therefore, no comparative financial information is available for the financial period ended 31 March 2021