KUALA LUMPUR (July 5): Serba Dinamik Holdings Bhd has once again applied to Bursa Securities for more time to submit its regularisation plan by extending its July 5, 2023 deadline to Jan 5, 2024.
The troubled oil and gas company, however, did not say why it could not meet the July 5 deadline. Serba Dinamik was originally supposed to submit the plan in January this year, but was granted a six-month extension.
Last month, Serba Dinamik said it had engaged Baker Tilly Insolvency PLT as its restructuring consultant, with Dennis Nik & Wong as its restructuring lawyers. The PN17 or Practice Note 17-company also said it was in the midst of appointing a principal advisor for its regularisation plan, which it was still formulating.
In the same month, the company posted its largest quarterly net loss of RM972.91 million for the third quarter ended March 31, 2023 (3QFY2023) — its seven straight loss-making quarter.
It blamed the massive 3QFY2023 net loss on impairment of trade receivables amounting to RM865.1 million, arising from projects the company was unable to fulfil.
The company’s net loss was RM434.19 million in 3QFY2022. As such, loss per share ballooned to 26.1 sen in 3QFY2023, from 11.7 sen in 3QFY2022.
Quarterly revenue tumbled 97% to RM6.18 million from RM205.48 million a year ago, due to lower contribution from all business divisions.
Serba Dinamik fell into PN17 status on Jan 6 last year, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.
Serba Dinamik shares were suspended on Dec 23, 2022, owing to the company’s failure to submit its annual report for its financial year ended June 30, 2022.
The counter was last traded at two sen, giving the company a market capitalisation of RM75 million.
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Serba Dinamik seeks to extend regularisation plan submission deadline