Scattered ‘chessboards’ await ‘Checkmate’?
Serba Dinamik is now classified with Practice Note 17 (PN17) status after its external auditors denied an opinion on its audit financial statements for the 18 -month period ended 30 June 2021.
According to the exchange filing, the company is said to have 12 months to state its financial condition but if it fails they can be delisted from Bursa Malaysia!
In a separate filing, Serba Dinamik's external auditor, Nexia SSY PLT stated that among the factors that hindered the completion of the group's audit was the absence of a report on the independent review conducted by Ernst & Young Consulting Sdn Bhd (EY).
In addition, Nexia also stated that they could not obtain sufficient audit evidence to provide a basis for the audit opinion on Serba Dinamik.
Meanwhile, Serba Dinamik reportedly deviated more than 10% between its audited and unaudited financial results for the 18 -month period ended June 30, 2021.
The unaudited financial statements showed a profit after tax of RM758.83 million compared to an after -tax loss of RM185.37 million.
According to Serba Dinamik, the irregularities were due to the impairment of trade receivables incurred by the group's subsidiaries amounting to RM395 and due to a decrease in inventory of RM552.6 million due to disruption and termination of several projects undertaken.
The Serba Dinamik shares were suspended from trading on October 22 last year and last time they traded at 35 sen while the market value was at RM3 billion.
