Serba Dinamik shares opened lower following a report that Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Mohd Abdul Karim had disposed of his entire holding of 55.9 million warrants this week, as the price of the warrants was low.
At the time of writing, Serba Dinamik shares declined around 5.4% or 2 sen to 35 sen, with a market capitalization of RM1.29 billion.
Datuk Mohd Abdul Karim was reported to have sold 21.58 million warrants on October 18, another 34.2 million warrants on October 20 and another 123,600 warrants on October 21. Together with that, the warrants issued represented around 6.34% of the group’s total warrants.
The All -Dynamic Warrants traded between 7.5 sen and 8 sen on October 18,20,21. On Friday, warrants opened at 7 cents.
Warrant prices fell sharply at the end of May following accounting problems presented by the group's external auditor, KPMG, over the issue of transactions worth more than RM3.5 billion.
KPMG subsequently resigned as its external auditor on June 24, following a claim by Serba Dinamik. Since then, Serba Dinamik shares have continued to be volatile and traded lower.
