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    SERBADK   MYL5279OO004

SERBA DINAMIK HOLDINGS BERHAD

(SERBADK)
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Serba Dinamik independent directors express concern over audit matters

06/04/2021 | 02:05am EDT

KUALA LUMPUR, June 4 (Reuters) - Independent non-executive directors at Malaysia's Serba Dinamik Holdings Bhd have expressed shared concern over issues flagged by the company's auditor.

In a statement on Thursday, the directors said the oil and gas services company's management, together with the board, is taking steps to resolve matters and will appoint an independent firm to assess the issues "independently and objectively".

The directors also said the appointed firm will report its assessment results to a committee which, to ensure independence, will have no representation from management.

Serba last week said auditor KPMG had not been able to verify contracts and transactions worth 3.5 billion ringgit ($848.90 million) with 11 customers.

The Malaysian company said it saw no issues with the existence or legitimacy of the contracts. Still, two of its top five shareholders on Wednesday said they were concerned by the development.

(Reporting by Liz Lee; Editing by David Goodman and Christopher Cushing)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.82% 75.16 Delayed Quote.46.69%
SERBA DINAMIK HOLDINGS BERHAD -3.66% 0.395 End-of-day quote.-77.56%
WTI 0.53% 73.659 Delayed Quote.52.09%
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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 2,33x
Yield 2020 13,0%
Capitalization 1 332 M 315 M 316 M
EV / Sales 2020 0,68x
EV / Sales 2021 0,52x
Nbr of Employees 1 725
Free-Float 48,0%
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Mean consensus SELL
Number of Analysts 7
Last Close Price 0,40 MYR
Average target price 0,48 MYR
Spread / Average Target 21,9%
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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