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 SERBADK 5279 pn17 SERBA DINAMIK HOLDINGS BERHAD  seeking legal advice over winding-up order

KUALA LUMPUR (Jan 10): Serba Dinamik Holdings Bhd said it is seeking legal advice to appeal or set aside the winding-up order granted against the group and three wholly-owned units over debts of about RM5 billion.

The troubled oil and gas services provider said that following the winding-up order, its directors have been rendered functus officio (without further authority) save for residuary powers to appeal against the order.

Any further queries in regard to the affairs of Serba Dinamik are to be directed to its liquidator, the group said in a bourse filing on Tuesday (Jan 10).

Earlier in the day, the High Court allowed a petition by six financial institutions to wind up Serba Dinamik, its wholly-owned subsidiary Serba Dinamik Group Bhd and indirect wholly-owned units Serba Dinamik International Ltd and Serba Dinamik Sdn Bhd, over debts totalling about RM5 billion.

The financial institutions are Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd.

The court also granted an order for licensed liquidator Victor Saw Seng Kee of PricewaterhouseCoopers Advisory Services Sdn Bhd to be appointed as Serba Dinamik’s liquidator.

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

http://www.theedgemarkets.com/node/651239

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