Serba Dinamik MD s wealth shrinks over RM1b on paper after audit issues theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR (June 28): Serba Dinamik Holdings Bhd, which has been in the limelight due to audit issues that resulted in resignations of its external auditor KPMG plus five independent directors, has continued to achieve earnings growth in the latest quarter ended March 31, 2021.
Nonetheless, this did not lend support to its share price, which plunged to a new record low of 32 sen this morning from RM1.61 prior to the audit fiasco.
The latest quarterly net profit of RM113.32 million pushed the oil and gas (O&G) service firm’s annual net profit to RM745.06 million for the financial period ended March 31, 2021 to a new record high. Quarterly revenue stood at RM1.38 billion, bringing the total to RM7.4 billion.
Filings with Bursa Malaysia yesterday showed that five of its independent and non-executive directors have resigned, with four of them stating their disagreement over Serba Dinamik’s decision on Wednesday to take legal action against its former external auditors as their reasons for leaving. lost almost half of its board members in the latest twist to the company’s rapid fall from grace. The stock plunged 23% to a new low yesterday.
Filings with Bursa Malaysia yesterday showed that five of its independent and non-executive directors have resigned, with four of them stating their disagreement over Serba Dinamik’s decision on Wednesday to take legal action against its former external auditors as their reasons for leaving.
Serba Dinamik Holdings Bhd’s share price plunged below 50 sen to a fresh all-time low in Bursa Malaysia morning trade today following the engineering solutions provider’s announcement yesterday that KPMG PLT had resigned as the external auditor of the company in a widely-watched corporate dispute involving Serba Dinamik’s statutory audit matters.
Serba Dinamik continues share price fall, with KPower and SCIB also in the red theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.