KUALA LUMPUR: Four independent non-executive directors of Serba Dinamik Holdings Bhd resigned today after having differences of opinion on the company’s decision against its former external auditor, KPMG PLT.
In a filing with Bursa Malaysia today, Serba Dinamik said the four are Hasman Yusri Yusoff, Tengku Hasmuddin Tengku Othman, Sharifah Irina Syed Ahmad Radzi and Rozilawati Basir.
The company’s decision to commence legal action against KPMG PLT was also among the reasons that prompted the resignation of the directors, it said.
Serba Dinamik announced on June 22 that it had filed a civil claim for substantial damages against KPMG, on the grounds of alleged professional negligence, breach of contract and breach of statutory duty.
Meanwhile, on June 24, the oil and gas services provider said KPMG had submitted its resignation notice as the company’s auditor, effective immediately, following the filing of the suit.
An auditing dispute has arisen between Serba Dinamik and KPMG after the former’s external auditor highlighted discrepancies involving transactions amounting to RM4.54 billion to the company’s independent directors in May this year.
The issues raised were based on the financial accounts for the financial year ended Dec 31, 2020.
Meanwhile, in another filing with Bursa Malaysia today, the company said it posted a net profit of RM113.32 million for the quarter ended March 31, 2021 on the back of RM1.38 billion revenue mainly due to strong activities from operation and maintenance (O&M) and engineering, procurement, construction and commissioning (EPCC) segments.
It said O&M and EPCC segments contributed 90.5% and 7.2% respectively.
The oil and gas service provider said there will be no comparative financial information available for the financial period due to a change in its financial year to June 30 from December 31 on May 7.
It said the next audited financial statements should be for a period of eighteen months from Jan 1, 2020 to June 30, 2021 and thereafter, the financial year end should be June 30 for each subsequent year.
The total dividends for the financial period ended March 31, 2021 is 5.45sen per ordinary share.
In a separate statement, group managing director/group chief executive officer Mohd Abdul Karim said that although the company’s core revenue contributors remained to be the O&M and EPCC segments, it was aggressively growing its ICT business locally and globally.
“The Covid-19 pandemic and current movement control order (MCO) has pushed the urgency for Serba Dinamik to grow and explore strategic sectors of the economy,” he said.
It said the company has been proactive in pursuing new opportunities in the non-oil and gas areas and recently ventured into the space industry, where it expanded and enhanced core capabilities in high value engineering into this industry.
He said the company has also expanded into the US market via the sponsoring of a special purpose acquisition company (SPAC), Data Knights Acquisition Corp, which it is confident will bring benefit from the potential returns as an early entrant.
At close today, shares of Serba Dinamik declined 23.36% to 41 sen with 485.65 million shares transacted. - FMT
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