@AnsonLiew FYI, Finance Director redesignated to the position of MD Ipmuda Buildermart and he did not resign from the Group. I think you are too shallow when it comes to analyzing information which are publicly available. Your comments and words have no meaning and I can only feel sorry and empathy for you. You must have been brought up in unethical or uncivilized manners and I sincerely hope you can find your way one day. You are one lost child.

Mr Teh Foo Hock was redesignated from Finance Director of the Company to the Managing Director of Ipmuda Buildermart Sdn Bhd, a subsidiary of the Company with effect from 1 June 2022. I believe this is a good initiative as Mr Teh has been with the Company for many years and he is familiar with the Company as well as building material & construction industry with his years of experience.

The addition of Ms Kung Chin Woon as Risk Committee & Audit Committee member and Puan Noor Erni Surya Noordin shows that the management are prepared to bring the Company at the next level with new business direction which is renewable energy. The addition of new board members who are experience lawyer and CFO are to strengthen the Group as a whole and build strong foundation from the start. Definitely a good fresh start.

@Syndicates

The more we understand the company, it helps us to provide confidence when we are investing in a prospect of a Company. There is no right or wrong when it comes to decision making, as long we can manage our risks. The primary goal of the research done by Kenaga and KAF are just to create awareness with the information that they have. We are not asked to trust 100% on the research paper but we as investors must also verify the information ourselves unlike some people whom he can't control emotions and set his mind straight. You do not need to monitor the share price every second, wouldn't that be very tiring? Just manage your risk and invest confidently.

We all know who is the one here who can gives the right information when it comes to decision making. The one that moving here and every other platform giving blatantly comments and unreasonable comments, we should try to ignore. So trust yourself and your own decision.

Just my 2c.

@Huangbk72

To answer your question if SD is not paying creditors, will it impact their OCF, yes it definitely will have impact on the line item "Trade and other payables" in changes in working capital. However, the amount published by Serbadk on the unaudited QR will be in aggregate whole sum.

https://www.theedgemarkets.com/article/court-allows-creditor-orient-arotek-intervene-serba-dinamiks-application-scheme-arrangement

This is best for all parties interest. Everything will be tabled and receive judgement accordingly by the Judge. At least the banks and creditors are able to get fair explanations from the management and Serbadk will be given a chance to explain on HOW they are going to repay 100% fully to banks and creditors.

@Huangbk72

When a Company repay loans and borrowings, it shows under "financing activities". When a Company shows positive cashflow in "operating CF", it means that the "business operation" without the consideration of any investment or financing elements. When a Company shows positive cashflow in "financing CF", it means that the company is receiving external financing monetary from another sources such as private placement, loan & borrowings. However, in Serbadk case they showed negative financing activities because of repayment in loans & borrowings.

@ken2004

No one has forgotten that the company is indeed trouble with repaying their debts, whether it is to the bank or to their creditors. That is why such measures like bringing up to the court is important so that all matters relating to the concern on their recoverability or repayment method will be on the table infront of court. Both sides will have to provide reasonable evidence and supports. That is the reason why it has to be infront of a third independent party, which is the court who uphold justice and integrity.

Walking away is always the easiest way out. Giving up everything, and just leave everything behind. Do you think it is easy for the management to stay and manage the company who is in serious trouble with people condemning them? Some of the management and employees has been in the Company since the Company was founded and they are experience individuals who are bringing great contribution to the Company and if not to Malaysia as well. You can't just ask them to leave as it might have certain domino effect which could cause greater harm to the company. Thorough consideration have to be made and harsh lessons must be learnt. This is the way forward for the Company as a whole to move forward.

For the salary part, there will be a remuneration committee in every listed company to determine what is the compensation for directors or management of the Company. And now that the company has debt issues with repayment problems, there will be certain negative consideration by the remuneration committee when it comes to approval of the management's compensations moving forward.

@huangbk72

We have to look at operating cashflow and financing cashflow separately when comes to determining which cash is generate from / used in. As you can see their 'net cash flow from operating activities' is positive, whereas their 'net cash from financing activities' is negative, where huge portion of cash were used to repay loans and borrowings and interest paid.

#AnsonLiew

The coverage by Kenanga and KAF were made based on future prospect of the company and not to help someone push the share price. It definitely adds certain advantage or value by the write up, but it is also asset injections into the Company which will bring future value. Both coverages are to enhance the investors knowledge on the future prospect of the Company. No one can time the market perfectly, so for those who are investing to the prospect of the company, just hold, time is on your side.

The management is injection his own assets into the Company to bring out the true value of the asset and they are growing with the assets. If the MGO of 60c is true in the near future, it might go up more than 60c to show it's true value.

For those who don't know MGO (Mandatory General Offer), it means an offer that a shareholder must make to buy all the shares in a company when they already own a third (33%) of the company. Based on the research done by Kenanga, management could emerge as the controlling shareholder who holds own than 33% of the company.

Does anyone mind sharing how do we determine the correct MGO price for this case? If it is 60c, then anything below 60c is actually a good deal, just a matter of time.

Just my 2c.

#syndicates

Thank you for the zoom sharing. I looked at the detailed perspective on telekosang Hydro at 30m20s and I noticed that their EPCC contract for the asset was awarded to Sinohydro Corporation (M) Sdn Bhd and Power Construction Coporation of China Limited. China was facing lockdown since the start of the year and maybe this is the caused of the delay of the telekosang Hydro? Where certain materials or manpower are from china and the lockdown has causes restriction to the project.

Just my 2c.

@cicakman
Explain what have you done last few quaters on Falsiying Account.

It may or may not be. But good to know they are setting things straight and they have to know the importance of transparency.

#greensky

Thank you for sharing. I noticed under the asset injections heading:
"post post-acquisition, management could emerge as the controlling shareholder and may look to proceed with a mandatory general offer (MGO). Nonetheless, management has the full intention of maintaining the listing status of the company."

Does it also mean, once the asset is injected to the company, there will be a MGO of 60c?

@straightarrow

Yes, the debts are humongous, and that is why the management are filing for restraining order and also to arrange certain Scheme of Arrangement with relevant parties. No one knows what is the outcome and whether they are able too fulfill 100% return on the scheme of arrangement but I believe that there will be significant arrangement to be made with relevant parties and this is called "restructuring" mentioned by the management.

Yes it is true that debts are humongous, that is why they are filing

#cicakman

After several experience / confront from KPMG, EY, AG, SC, Bursa, Non-independent Directors, Directors, Shareholders, Suppliers, Customers which was all involved in the precedent incident, I would say they wouldn't dare. All eyes and attentions are on them. Even if they want or they could, they will have to be extra extra careful on their doings and it will be very tiring to use lie covering another lie. So I wouldn't think that they will be falsifying their accounts "SIGNIFICANTLY" in the near future. It will be very stressful and tiring for the management. Based on the recent expo, I can see that they are making efforts on the business itself more than trying to falsify the accounts just to please shareholders and regulators. That would be EXTREMELY RISKY as of now.

Their most recent quarter shows huge losses and I am actually happy and glad that they are becoming more transparent. I may not know what are the details to it, but looking at the quarter, I can see that some impairments were made, which causes the administrative expenses to be bloated. I am quite convinced with the latest QR. I wouldn't say I am VERY confident, but yes I am convinced that they are moving in the right direction.

Just my 2c.

If you take a closer look on their latest QR. The cashflow statement stated that they are generating positive operating cashflow (which is from the business operation itself) and their cash were mainly used to repay loan and borrowings & interest. This is very important because they are still able to generate income from their business operation and it will not cause cash exhaustion on the business itself. They are still actively repaying their debts and the business operation itself is sustainable on their own. The management are undergoing restructuring to identify assets to pay off their debts and regain the momentum which can be a good initiative to start fresh. There are hundreds of employees employed by the company and I do not think that it is possible that it is right for the company to lay off all their employees when times are hard and difficult. Things are getting more and more expensive which I'm sure everyone is experiencing. They are needed to be guided to the right path. Save the company first, do not let the employees suffer and then find out what is the main problem of the downfall, recharge and restart. That is the right way to save everyone from this mess. The share price is the least to worry now, I am sure all the management of the company are trying their best to bring value to everyone after this mistake. Everyone paid their price and it is time to focus on the future and making sure they do not repeat the same mistake. Serbadk was founded almost 30 years ago and they definitely have brought value to our country and nation. No one is perfect and I believe they have learnt from their mistake. They deserve a second chance, so as the people who have contributed to the company.

Just my 2c.