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Tuesday, October 26, 2021

Serba Dinamik gets more time to release annual report, special review findings

 

Trading in Serba Dinamik Holdings Bhd was suspended last Friday and will resume after the findings of a special independent review in relation to transactions of more than RM3 billion are announced.

PETALING JAYA: Serba Dinamik Holdings Bhd has been granted a one-month extension by Bursa Malaysia to issue its annual report, including its audited financial statements and the auditors’ and directors’ reports for the financial year ended June 30, 2021.

The new deadline, originally scheduled for today, is Nov 30.

The stock exchange directed the oil and gas company on Oct 22 to announce the factual findings update from the special independent review conducted by auditing firm Ernst & Young (E&Y).

In response to the directive, Serba Dinamik said its directors had not been given any factual findings by E&Y.

“There were no documents or copy of any documents that fit the description of ‘Factual Findings Update as at Sept 30, 2021’ given to the independent non-executive directors as at Oct 22, 2021,” it said in a filing.

Serba Dinamik said the terms of engagement with E&Y stipulated that no work products would be distributed to any parties, including the regulators, before and/or after the status update.

The terms of engagement also prohibited the quoting of or reference to, any report, including its portion, summary or abstract.

“Additionally, documents from E&Y do not fall within paragraph 9.03 and 9.35A of the Main Market Listing Requirement. The auditing firm is still in the midst of performing the Special Independent Review,” it said in its filing.

Trading in the company was suspended last Friday, which Bursa said would be lifted once the findings and factual reports are given to the directors.

The factual findings are in relation to transactions flagged by its former external auditor KPMG of sums totalling more than RM3 billion. - FMT

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