SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD seeks restraining order against units, proposes '100% return' scheme of arrangement to creditors
KUALA LUMPUR (May 18): Troubled oil and gas company Serba Dinamik Holdings Bhd, which is facing a winding-up petition by creditors, is seeking a restraining order over its subsidiaries and a leave to convene a creditors’ meeting.
In a bourse filing on Wednesday (May 18), Serba Dinamik said its subsidiaries, namely Serba Dinamik Group Bhd (SDGB), Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Development Sdn Bhd and SD Controls Sdn Bhd, have filed an application for the two purposes on May 13.
SDGB and SDSB are also among Serba Dinamik’s three subsidiaries, which together with the listed entity were slapped with winding-up petitions from six financial institutions for failing to service its RM1.2 billion syndicated term financing. The lenders are HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank (Malaysia) Bhd.
A similar application for leave was also filed by Serba Dinamik’s shareholder Datuk Abdul Kadier Sahib, who owns a 16.33% stake in the group.
Serba Dinamik said it is seeking creditors’ approval for a scheme of arrangement to restructure the group’s debt obligations, which proposes “a 100% return to the company’s creditors”.
The group said it has identified “some assets for immediate sale” to generate the cash flows required to meet the group’s liabilities, it added.
Hearing for the application is fixed for Thursday (May 19).
Explaining how it got into its current financial woes, the group said in the filing that “a series of events since May 2021 has affected its cash flow, which significantly slowed down the timing of payments by customers, as well as the progress of the projects undertaken by the group".
“This had in turn led to a high inventory level and the slowing down of the conversion of inventory to cash and cash equivalent, resulting in collection to slow down,” it added.
Last month, Serba Dinamik, together with two executive directors and two senior management members were compounded a total of RM16 million for submitting a false statement involving a revenue of RM6.01 billion for the 12-month period ended Dec 31, 2020 (FY20), which was previously red-flagged by the group's external auditor KPMG.
The issue with the FY20 revenue was first raised by KPMG to the Serba Dinamik board in May 2021, which escalated into legal tussles between Serba Dinamik and regulators when the company refused to publish its special independent review.
In FY20, Serba Dinamik’s inventories jumped 81.25% to RM1.67 billion, from RM919.56 million the year before.
Shares of Serba Dinamik settled half a sen lower or 3.03% at 16 sen on Wednesday, giving it a market capitalisation of RM596.35 million. The counter is down 90% from RM1.61, when the FY20 revenue matter was first raised in May 2021.
http://www.theedgemarkets.com/article/serba-dinamik-seeks-restraining-order-against-units-proposes-100-return-scheme-arrangement
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The Art of Being Patient3 days ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Portfolio Summary for June 20256 days ago
-
-
-
Portfolio (June 30, 2025)6 days ago
-
Portfolio (June 30, 2025)6 days ago
-
-
-
-
-
Month of June 20256 days ago
-
June 2025 Updates6 days ago
-
-
-
-
Batisht crazy!1 week ago
-
-
Will SORA crash to 1 per cent?1 week ago
-
-
Hello world!1 week ago
-
Cut back some exposure1 week ago
-
-
-
Buying an overseas home for retirement2 weeks ago
-
-
8 tips for house moving2 weeks ago
-
-
-
-
-
-
-
-
-
-
-
-
-
May 2025 Portfolio5 weeks ago
-
-
-
Thakral - Gem life deal finally coming?5 weeks ago
-
-
-
-
Clarity1 month ago
-
The Trump Tariffs1 month ago
-
Selling HRnet and Fiverr1 month ago
-
-
-
-
Ignore the noise and be calm2 months ago
-
-
-
-
FAQ on Quantitative Investing Part 22 months ago
-
-
-
-
Crossing the 300k Mark [in a volatile period]3 months ago
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?5 months ago
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!6 months ago
-
Top 10 Highlights of 20246 months ago
-
-
-
Union Square Residences8 months ago
-
-
-
STI ETF9 months ago
-
-
-
Unibet Casino Bonus Codes 202410 months ago
-
-
-
-
The Stigma against Early Retirement (FIRE)11 months ago
-
Monthly IBKR Update – June 202411 months ago
-
-
-
-
-
-
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
Hello SP Group, I'm Back!2 years ago
-
-
-
A New Light2 years ago
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment3 years ago
-
Terra Hill Condo (former Flynn Park)3 years ago
-
Alibaba VS Tencent: The Battle Royale3 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Home
SERBADK
SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD seeks restraining order against units, proposes '100% return' scheme of arrangement to creditors