PETALING JAYA: Serba Dinamik Holdings Bhd has submitted an appeal to Bursa Malaysia Securities Bhd (Bursa Securities) against the de-listing of the company’s securities on Bursa Malaysia.
In a filing with Bursa today, the oil and gas services provider said this is in relation to the company being classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Securities on Aug 16, 2023.
On Aug 16, Serba Dinamik said it might be de-listed from the Main Market of Bursa on Aug 28, after Bursa Securities decided to reject its application for an extension of time to submit its regularisation plan unless an appeal against the de-listing is submitted to Bursa Securities on or before Aug 23, 2023.
Serba Dinamik fell into PN17 status on Jan 6, 2022, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.
Trading of its securities have been suspended since December 2022 following the company’s failure to submit its 2022 annual report.
Serba Dinamik posted a net loss of RM972.91 million for its third quarter ended March 31, 2023, more than double the RM434.19 million in the corresponding quarter a year earlier as revenue plunged to RM6.18 million from RM205.48 million.
The stock was last traded at 2 sen, giving it a market capitalisation of RM75 million.