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Serba Dinamik MD's stake down to 20.73% after latest force selling

KUALA LUMPUR (July 5): Serba Dinamik Holdings Bhd group managing director (MD) Datuk Dr Mohd Abdul Karim Abdullah's stake in the engineering solutions group has dropped to 20.727% after the latest forced selling of a total of 32.18 million shares.

For comparison, his equity stake in the company stood at 27.066% at the start of June, marking a 6.34 percentage point decline over the past month.

According to a bourse filing today, Mohd Abdul Karim was forced to sell two blocks of shares, comprising a block of 10.18 million shares on June 30 and another 22 million shares on July 1.

Last week he sold a total of 203 million shares, bringing the total number of shares he has been forced to sell to 235.18 million.

Serba Dinamik's share price has rebounded since it touched a low of 32 sen on June 29, following news that the group had formally appointed Ernst & Young Consulting Sdn Bhd (EY) as the special independent reviewer to undertake a special review of the company's financials, amid the issues flagged by its former external auditor KPMG PLT.

Today, it gained 10 sen or 25.97% to close at 48.5 sen, with a total of 1.49 billion shares traded, making Serba Dinamik the most actively traded counter on the bourse. Its market capitalisation is RM1.8 billion.

The group first announced its intention to appoint an independent firm for the special independent review on May 25, and formalised EY's appointment on July 2.

It said the appointment was made following discussions between Serba Dinamik and Bursa Malaysia, during which EY was deemed "fit for engagement" due to its reputation as one of the big four auditing firms.

Serba Dinamik has been in the news since the end of May, when the company announced that KPMG had informed the firm of some matters pertaining to its statutory audit.

KPMG had previously flagged discrepancies in the group's accounts, involving transactions of approximately RM4.54 billion. However, Mohd Abdul Karim has repeatedly stated that Serba Dinamik's management had done nothing wrong with regard to the audit issues flagged.

http://www.theedgemarkets.com/article/serba-dinamik-mds-stake-down-2073-after-latest-force-selling

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