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InstaForex

June 30, 2021

Serba Dinamik Warned!

 Serba Dinamik Holdings Bhd (SDHB) has been informed by Bursa Malaysia that any failure to comply with the exchange's directive to conduct a special independent review is a breach of the listing rules on the market.


According to the oil and gas service provider, the exchange, which is also the stock market regulator, also warned that appropriate action would be taken against Serba Dinamik or its directors.


In a filing to the exchange yesterday, Serba Dinamik was required to appoint an international accounting firm or firm related to an international coalition with sufficient resources to conduct an independent review by July 2 to address concerns raised by KPMG PLT in a presentation to the board on May 3. .


Bernama reported that Serba Dinamik needs to ensure that the firm or its appointed affiliates, ‘exist in Bahrain and other international locations with the presence of customers and suppliers as raised by KPMG PLT on May 3’.


Bursa Malaysia also informed Serba Dinamik to ensure that the scope of the independent special review was as agreed by the company's audit committee and Ernst & Young Consulting Sdn Bhd (E&Y) which was also shared with Bursa Malaysia Securities on June 15.



In fact, according to a statement from Bursa Malaysia, it also reserves the right to expand and extend the scope of the special independent review assignment.


Serba Dinamik is also required to report directly to Bursa Malaysia and the Securities Commission Malaysia on a regular basis on the progress of the review and the findings when it is completed.


Prior to the Bursa Malaysia directive, Serba Dinamik had announced and confirmed EY's agreement to be an independent valuer subject to conditions, particularly involving the need for KPMG PLT's cooperation for the convenience and smoothness of the review.


Yesterday, Serba Dinamik said in a statement to the exchange that EY had accepted the appointment to check the validity and accuracy of the matter raised by KPMG PLT who is also the company's former external auditor.


Serba Dinamik has also agreed to the conditions set by EY to ensure that the engagement sessions can be conducted independently and objectively for the benefit of all stakeholders.