KUALA LUMPUR (May 30): Serba Dinamik Holdings Bhd (KL:SERBADK) said it will be delisted from Bursa Malaysia effective June 5 after failing to obtain an extension of time to submit its regularisation plan.

The oil and gas services provider said the exchange regulator rejected its request for an additional six months to submit the regularisation plan to the relevant authorities.

“Upon the delisting of the company, the company will continue to exist but as an unlisted entity," said Serba Dinamik in a filing with the exchange on Thursday.

"The company is still able to continue its operations and businesses and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” the filing read.

Serba Dinamik was required to submit the plan by May 15 this year, but it failed to meet the deadline. This was the second extension granted to the company after previously missing the July 5, 2023 deadline.

Serba Dinamik was originally supposed to submit the plan in January 2023, but was granted a six-month extension by Bursa.

Serba Dinamik, once the darling of the local stock market, has been a loss-making company since its first quarter ended Sept 30, 2021 (1QFY2021).

For 2QFY2024, the company saw its net loss widen to RM251.54 million from RM89.7 million a year earlier, as revenue dropped 86.92% to RM13.83 million from RM105.8 million.

Serba Dinamik's shares remain suspended from trading. They were first suspended by Bursa on Jan 18, 2023.

The company slipped into the Practice Note 17 status on Jan 6, 2022, 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, following a change of the company’s financial year-end.