Serba Dinamik Holdings Berhad announced that it has defaulted in its payment due on 24 May 2022 pursuant to the ICP Programme. Date of default in payment is 24 May 2022. Amount in default is MYR 100,000,000.

SDHB is unable to meet its obligation to pay the interest in a timely manner due to cash flow constraints of the Company. This constraint is due to COVID-19 pandemic which has resulted in unfavorable condition in the operation of the Company. The Company and its group of companies, have on 13 May 2022 filed an application to seek leave from the Court to convene a court- convened creditors meeting.

The Sukuk Trustee, Malaysian Trustees Berhad has on 29 April 2022 filed a Writ of Summons against SDHB to demand on the outstanding amount. SDHB Group shall endeavour to continue its businesses and operations despite the default. The SDHB Group is of the view that the SD Companies' application to seek leave to convene a creditors meeting are in the best interest of the SDHB Group and is likely to generate a positive cash flow for the SDHB Group.