KUCHING: The Employees Provident Fund Board (EPF) has raised its stake in Serba Dinamik Holdings Bhd as it continues to scoop up the company’s shares in the open market. EPF’s equity interest in Serba Dinamik has jumped to over 106.1 million shares representing 7.225 percent from about 98.7 million shares or 6.721 percent as at April 1, 2019.
Its latest acquisitions were 685,100 shares and 474,900 shares on July 29 and July 26 respectively, filings with Bursa Malaysia have shown. Kumpulan Wang Persaraan acquired 89,500 shares on Aug 1, bringing its total stake in Serba Dinamik to about 96.28 million units or 6.556 percent.
Serba Dinamik group managing director/CEO Datuk Dr Mohd Abdul Karim Abdullah has, however, cut his equity interest in the company to about 346.66 million shares (23.6 percent) from 348.25 million shares (23.715 percent) with the disposal of 858,600 shares and 141,400 shares on June 20 and June 21 respectively. He is the company’s single largest shareholder. The State Financial Secretary of Sarawak owns 60 million shares or 4.085 percent in the company.
Serba Dinamik is a global energy services group providing engineering solutions to the oil and gas, petrochemical and power generation industries. The group has businesses in the Middle East and Southeast Asia as well as Central and South Asia. In financial year ended Dec 31, 2018 (FY2018), Serba Dinamik group revenue surged by 20.6 percent to RM3.28 billion from RM2.72 billion in FY2017 while group net profit jumped by 28.9 percent to RM392.8 million from RM304.8 million year-on-year.
According to Mohd Abdul Karim, the company’s plan for 2019 is to expand its expertise continuously in the operations and maintenance (O&M) and engineering, procurement, construction and commissioning (EPCC) segments to widen its foothold in more countries and regions.
The geographical expansion, he has said, would cushion and offset the unforeseen geopolitical risks for the company to maintain its business goals and to continue driving profitability and make its name in the oil and gas industry. Meanwhile, FGV Holdings Bhd said a memorandum of understanding (MoU) it signed with Sinograin Oil Corporation on May 14, 2017 had lapsed. The MoU was to collaborate for the supply, storage, processing and distribution of palm oil-based products in China.
“During the gap, both parties were involved in a commercial discussion involving delivery volume allocation, shipment scheduling, quality specification, routing and ports clearance, pricing and payment terms, hedging and arbitration as well as logistics planning. “However, both parties were unable to come to an agreement on the specific terms.
As a result, FGV decided not to renew the MoU,” FGV told Bursa Malaysia. FGV said the expiration of the MoU would not have any financial impact on the company and its subsidiaries.
