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    SERBADK   MYL5279OO004

SERBA DINAMIK HOLDINGS BERHAD

(SERBADK)
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Serba Dinamik : major shareholders express concern over audit issues

06/02/2021 | 01:12am EDT

KUALA LUMPUR, June 2 (Reuters) - Two of the top five shareholders in Serba Dinamik Holdings on Wednesday said they were concerned by developments at the Malaysian oil and gas services group, which is under investigation by the country's securities regulator.

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

Serba rejected the auditor's concerns and said there were no issues with the contracts. It plans to appoint an independent firm to review the issues, while the country's securities regulator has opened an investigation.

Permodalan Nasional Bhd (PNB) and the Employees Provident Fund (EPF) told Reuters they were engaging with the company. They are Serba's fifth and third biggest shareholders respectively, based on Refinitiv data.

"PNB has informed the Serba Dinamik board of directors of the firm's deep concern about recent developments," PNB said in an emailed statement to Reuters. PNB is Malaysia's largest fund manager.

PNB also said there was no merit in removing the appointed auditor before the annual audit is finished, and said it reserved its right to vote against any resolution to replace the current auditor.

Serba's second-largest shareholder last week proposed removing KPMG as auditor after the audit issues first came to light. This shareholder has now withdrawn the proposal, Serba said in a statement on Wednesday.

EPF said it wanted to ensure "the highest level of transparency and corporate governance" at companies it invests in.

KPMG, in its first public comments on the matter, told Reuters it remained in communication with Serba Dinamik but declined to comment further, citing ongoing investigations and client confidentiality.

Shares of Serba Dinamik have lost about 49% of their value so far this week. They closed down 1.2% on Wednesday, their third straight day of losses. ($1 = 4.1230 ringgit) (Reporting by Liz Lee; Editing by Tom Hogue, Christian Schmollinger and Jane Merriman)


© Reuters 2021
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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
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