The arrangement scheme proposed by Serba Dinamik Holdings Bhd and its 4 subsidiaries has been approved by creditors.
It is understood that the arrangement scheme was made by the string company from a *winding-up petition by 6 creditors last April involving debt arrears.
*Petition to obtain a Court Order against a company that may cause its reputation to fall and damage to its business but still remain trading.
According to sources, Serba Dinamik needs to get 75% voting support from creditors to implement the debt settlement scheme.
The results of the voting found;
Serba Dinamik gained 95.74% support
Serba Dinamik Group Bhd (SDGB) receives 100% support
Serba Dinamik Sdn Bhd (SDSB) got 99.21% support
SD Controls Sdn Bhd achieved 86.43% support
Serba Dinamik Development Sdn Bhd (SDDSB) won 83% support
A summary of the scheme of arrangement will see creditors receive 15% of what is owed by Serba Dinamik, SDGB and SDSB.
While the remaining 85% will be settled in another scheme of arrangement, involving the sale of assets and cash flow of the company's business, by the end of this year.
Meanwhile, the other 2 subsidiaries namely SD Controls and SDDSB will fully pay their debts following the same scheme.
Like to remind the 6 creditors who filed winding-up are HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank (Malaysia) Bhd.
On the other hand, Serba Dinamik is also facing a lawsuit by Malaysia Trustees Bhd which is the trustee of the company's Islamic Commercial Paper (ICP) worth RM100 million which is still outstanding.
In the meantime, as of the writing of this article, Serba Dinamik's shares traded well 5.88% at 9 sen with a market capitalization of RM335.45 million.
