Serba Dinamik’s shares fall 16 pct after directors’ resignations

KUALA LUMPUR: Serba Dinamik Holdings Bhd’s shares fell by 16 per cent after four of its independent non-executive directors resigned last Friday due to a difference of opinion on the company’s legal action against its former external auditor, KPMG PLT.

At 10.50 am, its shares slipped 6.5 sen to 34.5 sen with 373 million shares traded.

Serba Dinamik said the four directors were Hasman Yusri Yusoff, Datuk Seri Tengku Hasmuddin Tengku Othman, Sharifah Irina Syed Ahmad Radzi and Rozilawati Basir.

On June 22, the oil and gas services provider announced that it had filed a civil claim for substantial damages against KPMG; alleging professional negligence, breach of contract and breach of statutory duty.

Two days later, KPMG submitted its resignation notice as the company’s auditor with immediate effect, saying that the legal suit compromised its ability to independently continue the audit engagement and discharge its professional duties.

The auditing dispute arose from KPMG’s move to highlight discrepancies involving transactions amounting to RM4.54 billion in May this year.

On Friday, the company announced a net profit of RM113.32 million and revenue of RM1.38 billion for the quarter ended March 31, 2021, mainly due to contributions from its operation and maintenance, as well as its engineering, procurement, construction and commissioning segments.

Earlier on, the group announced that it has changed its financial year end from Dec 31 to June 30.

As such, there are no comparative financial information available for the financial period ended March 31, 2021. – Bernama