Serba Dinamik to submit regularisation plan in one month -- Abdul Karim

KUALA LUMPUR, Jan 12 (Bernama) -- Serba Dinamik Holdings Bhd (SDHB) is looking into formulating a plan to regularise its financial condition in about one month for submission to the relevant authorities for approval, said managing director and group chief executive officer Datuk Dr Abdul Karim Abdullah.

Abdul Karim assured that the company will be able to get back on track and continue to rebuild itself to greater heights.

"We are anticipating to resolve the statutory issues through a three-year programme, tracked with milestones.

"The process may seem to have taken a little longer than expected but we are confident that we will see better times ahead," he said in the company's latest Annual/Integrated Report 2021/2022 filed with Bursa Malaysia today.

On Jan 7, 2022, SDHB triggered the criteria pursuant to Paragraph 2.1(d) of Practice Note No 17 (PN17) of the Main Market Listing Requirements of Bursa Securities.

On Dec 23 last year, trading in the company's shares were suspended until further notice for failure to submit its annual report 2022.

In the meantime, Abdul Karim said the company will continue to raise its efficiency and work on collaborations with possible partners to secure more contracts.

"Although operations and management is our key strength, we are also keen to expand into the information communications and technology sector, which holds great potential as the Fourth Industrial Revolution heralds changes across all industries.

"We will pursue to garner bigger business in this field not only on the local front but also internationally," he added.

He said SDHB will continue its efforts in working towards a sustainable future, and as the oil and gas sector transitions from fossil fuel to clean energy, its workers will be skilled to manage new power plants.

"I am certain that when we have restructured and transformed our company, it will be met with positive feedback from our shareholders, customers, suppliers, and, last but not least, our employees," said Abdul Karim.

Meanwhile, SDHB chairman Datuk Abdul Kadier Sahib said the company will focus on its financial health and continually transform business models to cater to global changes in the energy industry.

"As new energies slowly replace fossil fuel, we need to be prepared to offer services in line with this inevitable energy transition.

"We will also ensure that we continuously attract, train, and retain employees in this competitive industry," he said.

On Jan 10, 2023, the High Court judicial commissioner Ahmad Murad Abdul Aziz allowed a petition filed by six financial institutions to wind up SDHB and its subsidiaries -- Serba Dinamik Group Bhd, Serba Dinamik Sdn Bhd, and Serba Dinamik International Ltd.

The six financial institutions acting as the suit’s petitioners are Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd, and Bank Islam Malaysia Bhd.

The four companies are said to have a total debt of close to RM5 billion.

Yesterday, the company filed an appeal against the High Court's decision to wind up the company and its three subsidiaries.

-- BERNAMA