Serba Dinamik was found to have passed the payment deadline for the remaining purchase of office buildings worth RM24.2 million and sukuk coupons amounting to US $ 300 million.
Of late the name Serba Dinamik has often been a hot topic of conversation. The issue of lawsuits between the civil engineering company and several auditing firms and exchanges often adorns the local market media.
Recently, according to Awanbiru Technology Bhd or previously better known as Prestaring Bhd, Serba Dinamik is said to have failed to complete the remaining purchase of an 8-storey office building located in Cyberjaya, worth about RM24.2 million.
According to Awanbiru, under the sale and purchase agreement (SPA) clause signed on February 8, the deposit of RM2.42 million paid by Serba Dinamik will be forfeited because the company failed to pay the remaining balance until the payment deadline. has been set for 31 October.
In a separate story, Serba Dinamik was also found to have passed the deadline set for the payment of sukuk coupons amounting to US $ 300 million, which was on November 9.
Sukuk is a form of unsecured Islamic bond for a period of 3 years with an annual profit rate of 6.3% payable twice a year and the tranche (part) of the bond will reach maturity on May 9 next year.
It is understood that for now, Serba Dinamik will still not be subject to the ‘default’ status because the bond agreement has a grace period of 30 days for payment to be made from the due date.
However, the May 2022 sukuk which has a ‘cross-default’ status with a tranche worth US $ 200 will reach maturity on 12 March 2025.
The US $ 300 sukuk was issued by SD International Sukuk Ltd.
Until now, Serba Dinamik has not provided any further information on the two issues.
