Serba Dinamik Holding Bhd (SDHB) was finally wound up after the Kuala Lumpur High Court approved a petition filed by six financial institutions to do so.

The petitioners are Standard Chartered Saadiq Berhad, HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd.

The decision made on Tuesday saw Judicial Commissioner Ahmad Murad Abdul Aziz allow the winding up of Serba Dinamik and its three subsidiaries namely Serba Dinamik Group Bhd, Serba Dinamik Sdn Bhd and Serba Dinamik International Ltd.

It is understood that the company will be placed under the liquidator, Victor Saw, PriceWaterhouseCoopers (PWC) Licensed Liquidator.

Earlier, the four companies with a total debt of nearly RM5 billion promised to pay 15% of their debt to local lenders by August 31 last year and the balance by the end of 2022, but failed.

Serba Dinamik's shares on Bursa Malaysia have been suspended since December 23 after failing to submit its annual report for the financial year ending June 2020.

It is also included in the category of Practice Note 17 (PN17) issued by Bursa regarding listed companies experiencing financial problems.