KUALA LUMPUR (October 22): Trading in Serba Dinamik Holdings Bhd securities on Bursa Malaysia was suspended from 2:30 p.m. Friday (October 22) until further notice from the stock market regulator in order to maintain an orderly and fair market in the negotiation of the engineering services of the supplier.
“The suspension is effected in accordance with Section 16.02 (1) (c) of the Main Market Listing Requirements in the interest of maintaining an orderly and fair market in the trading of Serba Dinamik securities,” Serba Dinamik said in a file from Bursa.
“As a result, all structured mandates relating to Serba Dinamik will also be suspended at the same time,” said Serba Dinamik.
Bursa said in a separate statement on Friday that the stock market regulator “has decided” to suspend trading in Serba Dinamik securities, including all structured warrants relating to the company from 2:30 p.m. Friday until further notice. the interest of maintaining an orderly and fair market in the trading of Serba Dinamik securities.
Prior to the suspension, Serba Dinamik’s share price stood at two sen or 5.41% at 35 sen with 105.18 million shares traded at the Bursa break at 12:30 on Friday.
Meanwhile, the price of the company’s warrants stood at 0.5 sen or 6.67% at seven sen with 16.31 million shares traded.
At its current price of 35 sen, Serba Dinamik has a market capitalization of around RM 1.3 billion based on the 3.71 billion shares issued by the company.
Bursa’s decision to suspend trading in Serba Dinamik’s securities until further notice could have been prompted by reports citing Serba Dinamik’s documents on Bursa that the CEO and CEO of the Serba Dinamik Group, Datuk Dr Mohd Abdul Karim Abdullah, had sold all of the 55.9 million Serba Dinamik warrants held directly. by him.
According to documents filed by Serba Dinamik in Bursa on Thursday, October 21, the 55.9 million warrants represented 6.34% of the warrants issued by Serba Dinamik.
Serba Dinamik said Mohd Abdul Karim had disposed of warrants between 7.5 sen and 8.1 sen each in four installments between Monday (October 18) and Thursday (October 21).
On Monday, Mohd Abdul Karim sold 21.58 million warrants at 8.1 sen each, followed by two tranches of 21.3 million and 12.9 million warrants on Wednesday, October 20, said Serba Dinamik.
Serba Dinamik said that Mohd Abdul Karim on Wednesday sold the tranche of 21.3 million warrants at 7.5 sen each while the portion of 12.9 million warrants was sold at 7.7 sen each.
On Thursday (October 21), he sold the last tranche of 123,600 warrants at 7.5 sen each, according to the company.
A look at the Serba Dinamik warrants price chart showed that Mohd Abdul Karim had sold the 55.9 million warrants at prices not far from the record price of 6.5 sen on Friday 22 October. The stock’s all-time high closing price was 24.5 sen on December 7, 2020, according to the chart.
Serba Dinamik’s Bursa file on December 13, 2019 indicated that the company had issued on December 6, 2019 881.1 million free warrants to Serba Dinamik on the basis of two warrants for five subdivided shares of the company.
Serba Dinamik declared that he registered the warrants on December 13, 2019 and that the maturity date of the securities was December 5, 2024.
Serba Dinamik has been in the news since the end of May 2021, when the company announced that its former auditor KPMG PLT had informed the firm of certain matters relating to its statutory audit.
On May 28, 2021, Serba Dinamik said in response to Bursa’s question that the issues highlighted by KPMG on May 3, 2021 included, among other things, the confirmation of certain clients regarding sales transactions and trade receivables.
The issues highlighted by KPMG included “trade receivable balances and sales transactions for information technology contracts,” the company said.
Serba Dinamik shares, warrants fall after MD cedes all warrant holdings
Abdul Karim sells all of his warrants to Serba Dinamik at near record prices