KUALA LUMPUR (Aug 17): Serba Dinamik Bhd may be delisted from the Main Market of Bursa Malaysia on Aug 28, as Bursa Securities has rejected the troubled oil and gas company's application for more time to submit its regularisation plan.

The Practice Note 17 (PN17) company has until Aug 23 to appeal against the delisting, according to a Bursa Malaysia filing on Wednesday (Aug 16). 

As of now, Serba Dinamik’s securities, which have been suspended since December 2022 following its failure to submit its 2022 annual report, will remain so. The counter was last traded at two sen, giving the company a market capitalisation of RM75 million.

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, saying it had not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the statements.

The group had previously sought and been given more time to submit its regularisation plan to address its financial condition, but still failed to do so. When it submitted its last application for more time on July 5, it said it was still in the midst of formulating the plan.

The group reported a net loss of RM972.91 million for its the third quarter ended March 31, 2023, more than double the RM434.19 million it incurred in the preceding year's corresponding quarter, as revenue fell to RM6.18 million from RM205.48 million due to a decline in operation and maintenance (O&M) activities in overseas market.