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June 1, 2021

Serba Dynamic Becomes ‘All -Incompetent’

 Shares of Serba Dinamik Holdings Bhd declined for the second day in a row when it declined by 33.5 sen or 29.65% to 79.5 sen when the trading session opened this morning.

A total of RM3.04 billion of the company's market capitalization was 'lupus' in just two days of the trading session.

At 10.09am, the stock recorded a loss of 89 sen, down 24 sen or 21.24%.

Its volume of 918.3 million was traded in less than 90 minutes after the session opened.

Yesterday, the counter dropped by 30% or 48 sen to RM1.13.

Serba Dinamik has been gaining coverage since last week after announcing a move to conduct a special independent review after the company's board of directors was informed by its external auditor, KPMG of several accounting issues related to its statutory audit.

Two days later, the second largest shareholder, Datuk Abdul Kadier Sahib sent a notice to Serba Dinamik to replace the previous auditor with BDO PLT.

In a filing to Bursa Malaysia, Serba Dinamik said KPMG had raised issues related to the total sales transactions of RM2.32 billion.

, trade debt of RM652 million and the remaining ‘on site’ material of RM569 million involving 11 parties.