SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD seeks to extend regularisation plan submission deadline

 SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD seeks to extend regularisation plan submission deadline

KUALA LUMPUR (Jan 6): Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd is seeking an extension of time to submit its proposed regularisation plan to the relevant authorities.

The distressed oil and gas engineering firm, which was required to submit the plan by Friday (Jan 6) as per the Main Market Listing Requirements (MMLR), said it has submitted an application for an extension of time to comply.

“An announcement in relation to the outcome of the extension of time application will be released in due course,” the company added in a filing.

According to Paragraph 8.04(3) of the MMLR, a PN17 company must within 12 months of announcing its financially distressed status, submit a regularisation plan to the relevant authorities — the Securities Commission Malaysia or Bursa Securities.

Serba Dinamik announced its PN17 status on Jan 6 last year after its external auditor expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.

Serba Dinamik shares were suspended on Dec 23, 2022, owing to the company’s failure to submit its annual report for the financial year ended June 30, 2022. The counter last traded at one sen before it was suspended, giving the company a market capitalisation of RM37.1 million.

http://www.theedgemarkets.com/node/650807