KUALA LUMPUR (Dec 20): Selling pressure on financially troubled oil and gas services provider Serba Dinamik Holdings Bhd mounted, after Bursa Malaysia warned of a trading suspension if the company fails to submit its annual report for the financial year ended June 30, 2022 (FY2022).
The stock opened unchanged at 1.5 sen on Tuesday (Dec 20). Its share price then tumbled 33.33% to an all-time low of one sen as at the time of writing, with a market capitalisation of RM37.27 million.
Trading volume increased to 57.82 million from 45.5 million a day before, making it the second active stock after ACE-Market listed company Leform Bhd.
In November, Bursa granted the Practice Note 17 company a 1.5-month extension to issue its FY2022 annual report, but the company failed to deliver it within the extended time frame by Dec 15.
Due to this, the regulator warned that trading of the company's securities will be suspended from Dec 23 until further notice if the company fails to deliver the annual report by Dec 22.
Serba Dinamik lost 90.91% in value when it started trading at 11 sen on May 9 this year, after a six-month suspension for failing to comply with Bursa's directive related to its audit issues.
The company has been in the red since the first quarter ended Sept 30, 2021 (1QFY2022).
The company posted a wider net loss of RM104.6 million for 1QFY2023, versus RM42.11 million for the previous year’s corresponding quarter, as quarterly revenue tumbled 73% to RM213.58 million from RM799.345 million.