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    SERBADK   MYL5279OO004

SERBA DINAMIK HOLDINGS BERHAD

(SERBADK)
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Malaysia's Serba Dinamik rejects concerns raised by auditor

05/29/2021 | 09:51am EDT

KUALA LUMPUR, May 29 (Reuters) - Malaysian oil and gas services firm Serba Dinamik Holdings Bhd said it did not see any problems with more than 3.5 billion ringgit ($847 million) of contracts and transactions questioned by its auditor.

In a stock exchange filing on Friday, Serba Dinamik said KPMG had not been able to verify contracts and transactions with 11 customers.

"The company takes the view that there is no issue with regards to the legitimacy and existence of the contracts as well as the value that will render any material impact to the financial and operational aspects of the group for the financial year ending June 30," it said.

Serba Dinamik said it planned to appoint an independent firm to "review the accuracy and veracity" of the issues raised by KPMG.

The issues highlighted by KPMG comprised sales transactions of 2.3 billion ringgit, a trade receivables balance of 652 million ringgit and a materials on site balance of 569 million ringgit, the company said.

Serba Dinamik said in another filing on Friday that a non-independent non-executive director, who is also a shareholder with 15.96% equity, had proposed convening an extraordinary general meeting to remove KPMG as auditor, and hire BDO in its place to audit the same period.

In a statement on Saturday, Serba Dinamik said it was unfair of KPMG to have stopped the audit and request an independent review without engaging further with management, as well as to have only highlighted the issues close to the deadline for the company to announce its accounts.

"We have provided sufficient information ... and full cooperation to the auditors to satisfy their extended procedures requirements. Somehow we were informed that they were unable to obtain confirmation from some of our customers," Group Chief Executive Officer Abdul Karim Abdullah said.

KPMG could not immediately be reached for comment.

Serba Dinamik shares have been suspended since it announced on Tuesday its external auditors had flagged some matters related to its statutory audit. The company did not give details at that stage.

($1 = 4.1320 ringgit) (Reporting by A. Ananthalakshmi and Liz Lee Editing by Mike Harrison and Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.16% 74.91 Delayed Quote.44.56%
SERBA DINAMIK HOLDINGS BERHAD -1.20% 0.41 End-of-day quote.-76.70%
WTI 0.17% 73.422 Delayed Quote.50.25%
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Financials
Sales 2020 5 384 M 1 276 M 1 276 M
Net income 2020 579 M 137 M 137 M
Net Debt 2020 2 330 M 552 M 552 M
P/E ratio 2020 2,41x
Yield 2020 12,5%
Capitalization 1 383 M 326 M 328 M
EV / Sales 2020 0,69x
EV / Sales 2021 0,53x
Nbr of Employees 1 725
Free-Float 48,0%
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Mean consensus SELL
Number of Analysts 7
Last Close Price 0,41 MYR
Average target price 0,48 MYR
Spread / Average Target 17,4%
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Managers and Directors
Mohammad Abdul Karim bin Abdullah Group CEO, Non-Independent Executive Director & MD
Azhan Azmi Chief Financial Officer
Mohamed Ilyas bin Pakeer Mohamed Independent Non-Executive Chairman
Kalaikovan Anthony Chief Technology Officer
Puan Masleena binti Zaid Independent Non-Executive Director
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