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    SERBADK   MYL5279OO004

SERBA DINAMIK HOLDINGS BERHAD

(SERBADK)
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Malaysian regulator investigates oil services firm Serba Dinamik

05/31/2021 | 03:51am EDT

KUALA LUMPUR, May 31 (Reuters) - Malaysia's Securities Commission said it has begun an investigation into oil and gas services firm Serba Dinamik Holdings Bhd after the company's auditors flagged issues last week.

On Friday, Serba Dinamik said KPMG had raised issues over more than 3.5 billion ringgit ($847 million) of contracts and transactions that the auditor had not been able to verify with 11 customers.

In an emailed response to Reuters on Monday, the regulator said it had secured documents and records from Serba Dinamik to assist its investigation, following the submission of the report from the company's auditors.

Shares in the company, which were suspended following last week's announcement that its auditor had informed it of statutory audit matters, plunged 29.8% as it resumed trading on Monday.

The company said it saw no issue concerning the legitimacy and existence of the contracts and it did not expect any material impact in the financial year ending on June 30.

It said it planned to appoint an independent firm to "review the accuracy and veracity" of the issues raised.

In a statement on Monday the company said it has engaged several potential international firms in discussions after consulting with the stock exchange.

"The group expects to finalize the appointment of the independent firm as soon as possible and will accord the to-be-appointed independent firm ample time and space to verify the matters raised with accuracy and veracity," it said.

($1 = 4.1350 ringgit) (Reporting by Liz Lee; Editing by Christian Schmollinger, Barbara Lewis and Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.03% 74.76 Delayed Quote.44.49%
SERBA DINAMIK HOLDINGS BERHAD -1.19% 0.415 End-of-day quote.-76.42%
WTI 0.45% 72.303 Delayed Quote.49.57%
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Financials
Sales 2020 5 384 M 1 272 M 1 272 M
Net income 2020 579 M 137 M 137 M
Net Debt 2020 2 330 M 550 M 550 M
P/E ratio 2020 2,47x
Yield 2020 12,2%
Capitalization 1 417 M 335 M 335 M
EV / Sales 2020 0,70x
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 0,42 MYR
Average target price 0,48 MYR
Spread / Average Target 14,6%
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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
Sector and Competitors