BUSINESS

SERBA DINAMIK GROUP DEFAULTS ON FINANCING FACILITIES

07/07/2023 10:10 PM

KUALA LUMPUR, June 7 (Bernama) -- Serba Dinamik Group Bhd (SDGB), a wholly-owned subsidiary of Serba Dinamik Holdings Bhd (Serb Dinamik), has defaulted its repayments on three financing facilities amounting to RM435.41 million.

The defaults comprise a RM400.77 million Club Financing Arrangement provided by MBSB Bank Bhd and Bank Kerjasama Rakyat Malaysia Bhd (club banks), RM34.41 million Tawarruq Term Financing-i by Affin Islamic Bank Bhd (Affin Bank) and RM228,568 Bai’ Inah Facility by Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank).

In three filings with Bursa Malaysia today, Serba Dinamik said the default in interest payment for the facility with SME Bank had been fully settled as of June 1, 2023, while to address the interest default with club banks and Affin Bank, SDGB’s liquidator team has reached out to the banks to discuss an outcome that serves the best interest of everyone.

The group said that in the event of a default in payment, Affin Bank has a first-party legal charge over a building bearing the postal address Menara Serba Dinamik in Shah Alam Selangor.

“The club banks have 1st party legal charge over several parcels of land owned by SDGB in Kota Tinggi, Johor. 

“The default in payment will give rise to several other potential events of default of the indebtedness under the company by virtue of the cross-default provision under the respective financing agreement,” it said.

On Jan 1, 2023, Victor Saw Seng Kee of PricewaterhouseCoopers Advisory Services Sdn Bhd was appointed as liquidator of Serba Dinamik, SDGB, Serba Dinamik Sdn Bhd and Serba Dinamik International Ltd.

-- BERNAMA


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