https://www.adports.ae/new-820000-square-metre-hub-to-foster-research-and-innovation-in-abu-dhabi/

Mohamed Al Khader Al Ahmed, CEO, ZonesCorp and Dato’ Dr. Ir. Mohd Abdul Karim Bin Abdullah of Serba Dinamik International Ltd and Block 7 Investments LLC, signing the agreement in the presence of Abdullah Al Hameli, Head of Industrial Cities and Free Zone Cluster, Abu Dhabi Ports, Eng Salah Salem Bin Omair Al Shamsi, Chairman, EFIRE Capital Holdings Limited and Hadef Salah Salem Bin Omair Al Shamsi, Managing Director, Block 7 Investments LLC.

Is Zonescorp also a faking business like Serba? They have long established business in this region..

Find out about ZonesCorp who partners with Serba on the 7.7 b Innovation hub in Abu Dhabi

https://www.zonescorp.com/en/media-center/latest-news-events/news/2021/new-820-000-square-metre-hub-to-foster-research-and-innovation-in-abu-dhabi

They have delivered countless big projects earlier:


https://www.zonescorp.com/en/about-us

trend is only a trend till it changes...and when it changes nobody exactly knows for certain...as it mainly dependent on incoming new news...

wait a minute, is serba now trading at its IPO price?

ok...nerd auditor theory then

most welcomed...arguments from sifu charlest are the bests here...not like others without some logics in it..

Posted by CharlesT > Jun 5, 2021 2:58 PM | Report Abuse

I will do my best to post more bad news here for u to buy cheaper n cheaper

Buy me a bakuteh later will do

seek more info the better...i want to see if i can come out with some possible argument to refute all concerns first...

zelan - many businesses in UAE went bankrupt after 2010...

conclusion:
..............

naysayers hope it will crash to 0.62 ..so it becomes a buy then as it super cheap, a precious gem by then...but at 0.76 its damn expensive and a fraud business

i see there is a lot of prejudice on serba due to middle east negative perception created by 1MDB,,,and that they were making money under C19 condition in 2020 which in my opinion is expected from O&M services which are mandatory....

dont compare xinquan la...that even kids can figure out

calvin may come out with TP 0.19 under PN17

so you guys saying serba can only buy at 62 cents? or can never buy....

Post removed.Why?

i hold some SCIB shares...may be you can trust a little more now

Posted by CharlesT > Jun 5, 2021 2:41 PM | Report Abuse

I dont trust u anymore.

that junior auditor argument is because of invoice reg no requirement..

no...i make my judgement on facts...you present me with bond drop 70% ...i quickly sold at 80....but now...i am hungry for solid information...so that to decide if i can add in the near future...sounds logical enough?

sifu charlest...honesty 100% sincere...i held no shares of serba presently

Posted by CharlesT > Jun 5, 2021 2:35 PM | Report Abuse

Aiyo Probability what happened to u leh

I think.u r still holding yr shares..yet to cut loss

U bought a lot ah?

and by the way....its not that serba is trading at 2.40 under such oil pricing before covid.....

the price had already been severely punished by the 'subtle' hints by KPMG...

so, some level of balance in judgement is required...

even if senior auditor...i certainly dont like stressing on company reg. no on invoices and stamps...this is a big joke...

really ? i am emotional....u sound a bit pissed off with me...dont worry you may get cheap on Tuesday...i also want to get it cheap...just that i want to be sure before i buy cheap that it will go up eventually....

so relax

Posted by brian3381 > Jun 5, 2021 2:27 PM | Report Abuse

Tis waterfish probability must hv traped la. So emotional. Haha

i am thinking on both ways...as the devil's advocate and innocent till proven guilty Karim..

the most convincing reply of Serba to KPMG is that they are reading to have their clients interviewed via conference call...isn't that is showing a lot of confidence

there are of course some bad practise which Karim is hiding as he may stand to gain by the middleman entities (having direct ownership) explaining the reasons of delay in convincing KPMG...

but this may not reveal non existent businesses (as being perceived by market now)

what i am most afraid, the market is overly reacting to such subtle indication by KPMG with maximum prejudice....from prior conditioning made by the 1MDB saga

problem is i think Karim made a middleman entity as main contractor between serba and subcontractors...and he owns this middleman entity...

UAE govn has no choice but to pump into such investment generously as without such money flow, the country cannot sustain businesses....

chef, u underestimated UAE...check out how shindaga tunnel area looked like a year ago and how it appears now..

under covid condition in less than a year they built 6 x 5 star hotels there...



Posted by ChefKarim > Jun 5, 2021 2:07 PM | Report Abuse

Even a simple housing development will take years, this block 7 like less than 1 year already start pilling already. amazing. piling what? piling for the worker's quarter?

its public holiday there, u try on sunday and see

Posted by PSAi3alert > Jun 5, 2021 1:55 PM | Report Abuse

The number stated at the site was +971 2 5504023 . I tried calling but not reachable.

yes the entity is the primary issue...the rest is reaction based on concerns

the 3b in question is for the whole FY 2020 i suppose (30% of their annual revenue)...hope at least the remaining 70% they can verify


Posted by CharlesT > Jun 5, 2021 1:37 PM | Report Abuse

The crucial question is whether those Co in Middle East (related or not related) who gave more than 50% of theircurrent contracts are real or not

KPMG wrote in a subtle way. But investors are able to read the message between the lines...

Thats y u see 50% drops in mother shares n 70% in Bonds

charlest the bond sellers price is only drop 52% on asking price right?

https://www.bondsupermart.com/bsm/bond-factsheet/XS2089155761

in summary...i see auditor main concern is identity of those entity which made the transaction of 2.3 b , the entity with pending receivables...identification of some inventory and assets

by right serba should not have issues coming with verification on these...via a conference call with their clients

sifu charlest say i need to respect, you can take out my assertion there on junior auditor...it was all aimed to retrieve salient arguments from the naysayers...which till now i cant see anything concrete

https://www.thestar.com.my/business/business-news/2021/06/05/the-essential-role-of-an-audit

hopefully serba comes out open fast

i support both carlest sifu and philips...i am only here for the truth...

this could be either a jackpot like mmc corp i had or just a lure to get my fingers burnt

sifus....how to buy the bond? appears very attractive

will the bond holders have the same rights as debtors usually do upon liquidation of the company

will they be given first priority to retrieve their capital from whatever they get from assets liquidation?

ok naysayers win la... but till now i am still puzzled how such a basic thing - existence of a real customer has not been verified by the auditors

really amazing ability of Karim... even the 7.7 billion new contract....

to all kpower & SCIB shareholders, please go through in detail below KPMG query & Serba's reply. Details appears to be not that bad at all for SD....i see kpower and scib does not at all deserve this level share price punishment

https://www.theedgemarkets.com/article/kpmg-raised-audit-issues-transactions-involving-over-rm3-billion-says-serba-dinamik

LOL! I can only laugh...

i have also been audited...but sometimes the individual auditor make a hell of difference...

LOL...people who are certain on their views would no longer spend time to clear their doubts here ma...after all there is no doubt right..

but apparently things are not so straight fwd looks like...

may be a jab on the auditors made them feel reactive

KPMG was auditing Serba for many years right....why they did not realize this earlier - if its such a basic requirement?

i think the nerd auditor became a little hyper recently...cannot find a better explanation, seriously

Posted by colin888 > Jun 4, 2021 11:41 PM | Report Abuse

I was once an auditor and only if you have the exposure you would know the risks! Do not be foolish!

totally agree....LOL!

Posted by see2sea > Jun 4, 2021 11:40 PM | Report Abuse

All the negative comments here just follow what KPMG said.

Even bank analyst just follow bindly. They got alot of info from KPMG hah?

Kadier buy peanut shares has no significance to me....but the biggest question mark is the issues highlighted by KPMG - is it really concerning? is the queries addressed really cannot be replied to satisfaction of KPMG? I think its possible...

and its unlikely to deserve this level of share price decline on serba...

lets see how the truth unfolds..

all dont know blubbering what...tell the exact issue here...what is the MAJOR concern now from the audit report...

the auditor appears like a bookworm, even website can be faked man...

frankly i dont hold a single share of serba, but if i am the management of serba, like Kadier i will definitely get pissed off with the auditors with such query...

What kind of st*pid query is the below...instead of checking website just speak to the customer lor...


...............

(D) Trade receivables balances and sales transactions for information technology contracts

KPMG had noted that there was no company registration number and registered business of the customers as indicated in their respective contracts

(i) Certain suppliers’ invoices do not have registration numbers;

(ii) Two suppliers' and two customers' company stamps did not bear registration numbers;

(iii) Differences in the names contained in legal contract agreement, invoices, user acceptance test and customers' company stamps;

(iv) Differences in addresses contained in legal contract agreement compared with customers’ websites;

(v) Six out of seven customers will make direct payment to subcontractors and the Group will receive the net amount; and

(vi) Three customers have minimal share capital and were only incorporated in 2019 and 2020, one of the customer’s principal activities did not appear to be IT related.

KPMG viewed that they are unable to determine the appropriateness of the contracts and transactions as well as the revenue and cost recognised based on the above.

this simple comment says a lot about the auditors

Posted by Ron90 > Jun 4, 2021 10:52 PM | Report Abuse

if small time fly by night audit firm, can accept la findings like this, but if from KPMG.. that showed how downgrade they are now.. findings like this, good auditor will just give verbal comment la.. malu nak tulis dalam report pon.. we just focus on major issues... elementery findings, indeed true.

to all kpower & SCIB shareholders, please go through in detail below KPMG query & Serba's reply. Details appears to be not that bad at all for SD....i see kpower and scib does not at all deserve this level share price punishment

https://www.theedgemarkets.com/article/kpmg-raised-audit-issues-transactions-involving-over-rm3-billion-says-serba-dinamik