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EPF continues to pare down stake in SERBADK (5279): SERBA DINAMIK HOLDINGS BHD as it offloads another 30.5 mil shares

KUALA LUMPUR (June 24): The Employees Provident Fund (EPF) has sold another 30.5 million shares that are equivalent to a 0.82% stake in Serba Dinamik Holdings Bhd, leaving the statutory retirement fund with 8.566% in the engineering services solutions provider.

Serba Dinamik's bourse filings showed that the EPF sold 20.59 million Serba Dinamik shares on June 21 and another 9.91 million shares the next day. Both blocks of shares were sold in the open market.

Since June 2, the EPF has sold 51.06 million Serba Dinamik shares — it previously sold 20.56 million shares between June 2 and June 22.

Another institutional fund, Kumpulan Wang Persaraan Diperbadankan (KWAP), has ceased to be a substantial shareholder as of June 1, after disposing of 26.18 million shares or a 0.7% stake on May 31 and June 1. Prior to that, it held a 5.2% stake in Serba Dinamik.

Earlier today, Serba Dinamik announced that KPMG had resigned as its external auditor with immediate effect, citing the suit filed by the group against them.

KPMG said the suit had compromised its ability to independently continue the audit engagement and discharge its professional duties as Serba Dinamik's auditor.

KPMG also said the suit had no legal basis and that it would firmly refute the allegations if the matter goes to court, in response to queries from theedgemarkets.com.

Serba Dinamik has been embroiled in an auditing dispute with KPMG after the external auditor highlighted discrepancies involving transactions to the tune of RM4.54 billion to the company's independent directors last month.

The issues raised were based on Serba Dinamik's financial accounts for the financial year ended Dec 31, 2020.

However, the group claimed that the external auditor had "blown the audit issues out of proportion”.

Serba Dinamik shares sank six sen or 10% to close at 53.5 sen today, giving it a market capitalisation of RM1.99 billion.


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