keep buying while the price low, the price surely rebound

Waiting for the surprise spike up

really believe with SAP
hopefully can continue fly

Sapura very cheappp now guys.
Buy buy buyy and keep.

Relax..relax..Need more time to get things in shape on new management..
Confirm bounce back after this.

Keep the patience...More time is needed
By the way, Sapura Energy Bhd has been awarded contracts in Australia and Brazil with combined values of approximately RM942 million and RM1.7 billion, respectively.

I believe this counter will turn to black in the future

Hmm it doesn't necessarily depends on Petronas jobs.
OG companies are looking out at job outside malaysia.
Sapura is bidding for Qatar jobs. Serba Dinamik is in Abu Dhabi.
Focus is not only on local market

rilex..rilex...it will rebound

Let's buy now!!! Oil new high

Brent going up at 76.42 +0.32%

Hope this counter also reflected!!

comeee fly high

very hopeful this counter will rebound lah.

Buy now... oil price up

Buy low price..lai lai

Slowly but surely

15sen coming soon

Just wait..It will bounce back

yaaaah cant go lower than this. buy buy buy!!!

Posted by cashflow > Jul 8, 2021 4:47 PM | Report Abuse

Drop more. Buy more. :)

Serba Dinamik is looking to appoint more reputable leaders to replace the resigned INED as soon as today or tomorrow.

https://themalaysianreserve.com/2021/06/28/serba-dinamik-to-rejig-board-with-reputable-appointments/

Group MD and CEO Datuk Dr Mohd Karim Abdullah (picture) told The Malaysian Reserve (TMR) yesterday the group has identified some credible individuals with strong integrity and reputation from their previous work life to fill in the vacancies following the resignation of several board members last Friday.

“These are very highly reputable individuals who have garnered the respect from the public at large during their tenure serving the people of Malaysia.

“So, there will be more credible and stronger figures who are coming to take up the vacancies left by the exiting directors,” he told TMR.

Filings to Bursa Malaysia last Friday showed five of its independent and non-EDs have resigned, with four of them stating their disagreement over Serba Dinamik’s decision last Wednesday to take legal action against its former external auditor, KPMG Ltd, as their reasons for leaving.

KPMG resigned as Serba Dinamik’s external auditor last Thursday following the latter’s legal action against it.

Mohd Karim said the board has decided to appoint E&Y as its independent reviewer to assess the veracity and accuracy of the matters highlighted by KPMG.

“Independent review has been an issue, which has already been appointed by the board. The discussion with the regulator has also proceeded for some time by the previous (board members).

“Further fine-tuning will be taken up by the existing and new (board members) together with the regulator, we are resolving this, it has to be settled as soon as possible.”

Besides legal options, he said other options are also on the table including talking to the government, regulators and bankers.

“All options are there. Those options that we have prioritised are being put into motion. Due to lockdown and SOPs (standard operating procedures) need to be followed, this is not moving as fast compared to a non-lockdown environment.

“Legal action is one of the things that needs to be taken and at the end of the day, we still have to explain to our shareholders and stakeholders. All the necessary parties we need to update, communicate with, are done almost on a daily basis.”

As an entrepreneur, Mohd Karim said he is always ready to face challenges that come along and believes the fundamentals of Serba Dinamik remain firm.

“The company has been in the market for more than 28 years. I am sure it has strong fundamentals required to face strong challenges like that we are facing at the moment.”

The group is looking at business as usual, he added.

More positive progress. Serba Dinamik will finalize EY as independent reviewer soon. Hopefully things will start to turnaround with their involvement.

https://www.nst.com.my/business/2021/06/702915/serba-dinamik-finalise-ey-appointment-independent-reviewer-one-two-weeks

Serba Dinamik Holdings Bhd will finalise the appointment of Ernst & Young Advisory Services Sdn Bhd (EY) as its independent reviewer in one to two weeks.

Serba Dinamik chairman Datuk Mohamed Ilyas Pakeer Mohamed said the company had spoken to EY on its appointment to assess the veracity and accuracy of the issues highlighted by its former external auditor KPMG.

"Once we settle the legal working arrangement, EY can start doing their jobs. In one to two weeks' time, we will finalise the appointment.

"EY will only do the external audit review, but the audit is not complete yet. So now we have to get another auditor (among the Big Four) to complete the statutory audit. The proposal is out to invite the new auditor, now we just wait for the process to commence," Mohamed Ilyas told the New Straits Times.

Serba Dinamik said business as usual and the company will stay relevant as one of the leading bumiputera companies despite the ongoing crisis.

https://www.bernama.com/bm/ekonomi/news.php?id=1975720

Operasi harian penyedia perkhidmatan kejuruteraan bersepadu global, Serba Dinamik Holdings Bhd, masih berjalan seperti biasa dan kekal relevan sebagai sebuah syarikat Bumiputera yang utuh walaupun sedang diselubungi cabaran cukup getir.

Pengarah Urusan dan Ketua Pegawai Eksekutif Kumpulan, Datuk Dr Mohd Karim Abdullah mengakui isu juruaudit luaran memerlukan tumpuan pihak pengurusan, tetapi setiap cabang perniagaan kumpulan syarikat tetap fokus kepada peranan masing-masing.

“Dalam keadaan sekarang, perniagaan kekal terus berjalan dan Serba Dinamik masih tetap komited dalam memberi pulangan dividen kepada para pemegang saham,” katanya kepada Bernama hari ini.
Bagaimanapun, Mohd Karim tidak menolak kemungkinan akan ada perubahan struktur organisasi kumpulan dalam memastikan tadbir urus korporat diperkukuhkan mengikut prinsip Kod Tadbir Urus Korporat Malaysia.

Beliau berkata Serba Dinamik juga sedang dalam perbincangan dengan beberapa bank antarabangsa untuk mendapatkan pinjaman perniagaan agar setiap perancangan dapat dilaksanakan.

“Perniagaan harus mempunyai beberapa langkah ke hadapan bagi menyediakan modal perniagaan dan buat waktu ini, kami telah mengadakan beberapa perbincangan bersama bank antarabangsa bagi penyediaan modal kerja,” ujarnya.

Menurutnya, syarikat-syarikat yang berada di bawah kumpulan Serba Dinamik tetap mempamerkan perkembangan menarik dalam setiap cabang perniagaan mereka di dalam dan luar negara.

Beliau berkata perniagaan pengeluar peralatan asal (OEM) terus relevan hari ini didorong terutamanya oleh kenaikan harga minyak mentah dunia pada AS$70 setong.

“Ia memberi margin tinggi dengan unjuran sebanyak 17 peratus berbanding pemain lain dalam pasaran huluan minyak dan gas. Inilah tinjauan sektor, khususnya perniagaan berteras OEM adalah cukup memberangsangkan,” katanya.

Selain itu, Mohd Karim berkata penerokaan Serba Dinamik dalam ekonomi aeroangkasa berjalan mengikut jadual dan bakal menubuhkan anak syarikat baharu untuk menceburi industri angkasa.

Serba Dinamik's response to Security Commission on KPMG.

"We thank profusely both institutions (the SC and Bursa) for alerting us of the laws in relation to auditors’ obligations in reporting to the SC.

“We, however, wish to point out that auditors in performing that duty have the highest onus to exercise that professional opinion, that there has in fact been a breach or non-performance of the identified laws, not a mere reasonable belief on their part that that was so.

"We also accept the advice by the two esteemed institutions, with gratitude, that auditors can exercise some elements of professional scepticism during their audit, but this mere scepticism must be communicated to their clients for resolution of the matters, and mere scepticism is not sufficient for auditors to prematurely report to the detriment of the companies and the market," Serba Dinamik said in a press statement yesterday.

The statement was released after the announcement that KPMG had quit as Serba Dinamik’s external auditor, citing the reason as it could not discharge its duty independently.

Good article thats dive deep on Serba Dinamik's lawsuit action

https://focusmalaysia.my/serba-stands-firm-with-its-unprecedented-legal-suit-against-external-auditor/

On another extreme, let’s not forget that Serba Dinamik, too, will not sit down behaving like a lame duck.

With RM3.78 bil or 63% of its market capitalisation having been wiped out since May 31, it only makes valid sense that Serba Dinamik, too, has its ‘artilleries of sorts’ for self-defence.

After all, many investors – from retailers to institutional funds – had incurred substantial losses judging merely by its 52-week share price range of 54 sen (intraday low on June 14) to RM2.09.

To put Serba Dinamik’s legal suit in perspective, the company has clarified that it is not suing KPMG for submitting a damning report to the Securities Commission (SC) against it, but for the way the external auditors have conducted their audit.

Ironically, however, Serba Dinamik is taking KPMG to task for a breach of Section 320 of the Capital Market & Services Act 2007 (CMSA) even as Section 320(2) of the CMSA stipulates that the auditor will not be liable to be sued for any report submitted by the auditor in good faith and in the intended performance of any duty imposed on the auditor.

“It is, therefore, noteworthy to acknowledge that Section 320(1) of the CMSA 2007 requires that an auditor form a professional opinion that there has been a breach before they can make a report to SC,” a company source told FocusM.

“In this regard, KPMG has in our view performed a substandard auditing work for they failed to form a professional opinion on the matter and therefore could not have acted in good faith – in fact they acted in bad faith.”

As such, the source said Serba Dinamik is left with no better option than to file a writ and statement of claim against KPMG on the grounds of professional negligence, breach of contract and breach of statutory duty.

“It is no exaggeration that KPMG did not even have a sit down session with the management to at least try to resolve the issue,” lamented the source.

“Despite being the company’s auditors for seven years, they chose the easy route out in discharging their responsibilities by asking Serba Dinamik to hire a forensic team and by going directly to the regulators. Perhaps this stems from the issue of their resources.”

Pressed for examples, the source named them as follows:

Not doing proper verifications;
Not engaging with the auditee (Serba Dinamik);
Not taking into account responses by auditee after more than 60 days have lapsed; and
Blaming Serba Dinamik over their own mistakes and negligent acts and then refusing to complete audit.*
“Given the above justification, Serba Dinamik’s push to replace KPMG is not something drastic as both Petron Malaysia Refining & Marketing Bhd and Malaysia Building Society Bhd have recently appointed in PricewaterhouseCoopers PLT (PwC) as their auditors in place of KPMG,” added the source. – June 23, 2021

Serba to sue external auditor KMPG due to negligence.

The issues faced by KPMG are entirely attributable to their own negligence, among other breaches, in the course of the audit process which forms the subject matter of the civil suit based on the above-cited grounds.

https://focusmalaysia.my/serba-to-sue-external-auditor-for-a-sum-not-small-but-astronomical/

SERBA Dinamik Holdings Bhd is taking its impasse with external auditors KPMG PLT with regard to the completion of the company’s statutory audit for FY2020 a step further – to file a civil claim for substantial damages inflicted on its share price and market capitalisation.

Among others, the claims will be made on the grounds of professional negligence, breach of contract and breach of statutory duty, according to the company’s newly-appointed chairman Datuk Mohamed Ilyas Pakeer Mohamed.

“Serba Dinamik contends that the findings raised by KPMG were not substantive in nature that warrants an independent review,” he told a media conference in Shah Alam. Also present were Serba Dinamik’s group managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah and solicitor Tan Sri Muhammad Shafee Abdullah.

Serba Special Live PC by Datuk ilyas and Datuk Karim at 5pm today. Expecting some good statement or announcement from the company.

https://www.youtube.com/watch?v=ToWmr1ZDFc4

Serba Dinamik has denied allegation of RPT with Block 7

https://www.thesundaily.my/business/no-related-party-transaction-in-uae-job-serba-dinamik-IX7990318

Serba Dinamik Holdings Bhd today denied that there was any element of related party transaction in the undertaking of Block 7 Investments LLC when it was first announced on April 12, 2020 and has clarified that Block 7 was incorporated in Abu Dhabi, UAE and not in the US.

In response to a media report, Serba Dinamik explained that its wholly owned subsidiary Serba Dinamik International Ltd (SDIL) bagged a contract on April 12, 2020, from Block 7 for the engineering, procurement and construction of an innovation hub, academic campus, related facilities and information technology infrastructure in Abu Dhabi, UAE.

“In order to strengthen Serba Dinamik’s expansion of its business into a strategic asset ownership model, on March 2, 2021 Block 7’s ownership was transferred to EFIRE Capital Holdings Limited. EFIRE is owned by LIWA Investment Holding and SDIL with 51% and 49% ownership respectively. Upon completion of the transfer, EFIRE and LIWA owned Block 7 with 99% and 1% shareholding respectively. Hence, SDIL is an indirect minority shareholder of Block 7 effective from March 2, 2021,“ the group told Bursa Malaysia.

Oil price good..but Serbadk is the stock to buy now... Collect now before too late!!!

Before. When no issue. No one wanna come here and talk so much. Now when got issue. Suddenly all come bring negativity, talk nonsense. Again. Just be patient. And wait for the next updates. Ey is working on it. Kpmg is working on their part. Serba dinamik also must been putting their best effort to lift back their own company. for the better part, i see some positive progress from serba. Let them do their work. Nothing is proven yet.

Trust in the process. See the final findings and then see how. No point try to assume much at the moment.

Serba Dinamik appointments get vocal support

https://themalaysianreserve.com/2021/06/16/serba-dinamik-appointments-get-vocal-support/

SERBA Dinamik Holdings Bhd’s moves to appoint an independent reviewer and new board members are viewed as positives and a symbol of commitment by the company to clear issues highlighted by its external auditor.

Hong Leong Investment Bank Bhd analyst Low Jin Wu upgraded Serba Dinamik’s stock to ‘Hold’ from ‘Sell’, with an unchanged target price (TP) of 78 sen on the above action taken by Serba Dinamik’s management on Monday.

“While Serba Dinamik has taken positive steps forward with regards to its governance framework, we believe the stock will remain volatile until its audit matters are resolved,” Low noted in a report yesterday.

Low added that since Serba Dinamik’s share price has fallen below his TP, he has upgraded the counter to ‘Hold’ from ‘Sell’, with an unchanged TP of 78 sen based on an unchanged 0.7 time financial year 2022 book value per share.

Low believes the appointment of Ernst & Young Advisory Services Sdn Bhd (E&Y) as an independent reviewer is a positive step due to its credibility as one of the Big Four accounting firms.

He further noted that the appointment of Masleena Zaid, the managing partner of Messrs Masleena, Yee & Partners, is a positive step for Serba Dinamik as she was previously with the Companies Commission of Malaysia from July 2008 to December 2009 and a prosecuting officer at the Securities Commission of Malaysia between February 2001 and June 2008.

“We read this move as a signal that Serba Dinamik is committed to proving the company is free from any wrongdoing,” he said.

Low wrote that the independent audit would take at least three months to complete and “we believe investors would not be ready to jump the gun completely just yet”.

He said the recent steps taken by Serba Dinamik was a display of confidence to shareholders. Volatility in Serba Dinamik’s share price will ensue until the accuracy and veracity of the accounting matters are resolved, Low noted.

Serba Dinamik’s shares fell 6.5 sen to 68 sen yesterday after rising some 14 sen on Monday on the appointments of new board members and E&Y as an independent reviewer.

Meanwhile, Malaysian Institute of Corporate Governance (MICG) deputy president David W Berry said E&Y’s review should not involve a full re-audit of the company.

He said the naming of E&Y is subject to finalisation of details and the key factor will be the scope of the advice sought, which should be restricted to the specific audit issues raised by KPMG PLT.

“The independent E&Y opinion should apply the same professional standards expected of any auditor in assessing its stance on those audit issues.

“Any difference will be in the weight given to the surrounding factors,” Berry said in a statement yesterday.

He said the “second opinion” should be sufficient. Whether E&Y agrees with the KPMG opinion, he said both opinions should be made available to shareholders.

He further said the board, especially the independent directors, should also express their views.

Berry said it is difficult to tell if the matters would resolve as it will depend on E&Y opinion.

“MICG continues to be of the view that any director who is also a shareholder should not participate in any shareholder vote related to this matter or the choice of the company’s auditor,” he added.

On Monday, Serba Dinamik announced three new independent non-EDs, namely Johan Mohamed Ishak, Datuk Mohamed Ilyas Pakeer Mohamed and Masleena, effective last Friday.

Structure-wise, Minority Shareholders Watch Group CEO Devanesan Evanson told The Malaysian Reserve that more independent directors on board would mean better corporate governance.

He said E&Y and the new independent non-EDs have no baggage as they are independent newcomers. Hence, they should be able to look at things independently and objectively.

Be patient. Experts and analysts are reviewing the progress action of Serba Dinamik as positive. Ey appointment is to double check the accuracy of the audit matters raised by kmpg. The new appoinemnt of independant and non exec directors are proved of the company in showing confidence in solving the issue. If you cant agree with the experts, dont speculate till the final findings are out.

https://klse.i3investor.com/blogs/nanyang_stock_expert/2021-06-15-story-h1566853481.jsp

MSWG: Serba Dinamik entitled to second opinion

Serba Dinamik Holdings Bhd is entitled to a second opinion on its external auditor KPMG PLT’s findings, just like anyone else, opined the Minority Shareholders Watch Group (MSWG).

https://www.theedgemarkets.com/article/mswg-serba-dinamik-entitled-second-opinion

Serba dinamik's move to appoint ey get appraisal from analyst. Come on ey. Show what u made of. I wish ey manage to solve the issue nicely and identify what went wrong no matter if it comes from which side.

https://klse.i3investor.com/blogs/savemalaysia/2021-06-15-story-h1566850629-Serba_Dinamik_did_the_right_thing_to_win_confidence_of_investors.jsp

ANALYSTS in general have hailed the move by Serba Dinamik Holdings Bhd to hire Ernst & Young Advisory Services Sdn Bhd (EY) as an independent reviewer to assess the veracity and accuracy of the matters highlighted by the former’s external auditors KPMG for its provides some assurances to the market.

“We believe this is a positive step forward for Serba Dinamik as it displays confidence to shareholders,” opined Hong Leong Investment Bank (HLIB) Research analyst Low Jin Wu.

“We believe that the appointment of EY as an independent reviewer is a positive step for Serba Dinamik due to its credibility as one of the Big-Four accounting firms.”

Apart from agreeing to hire EY, Serba Dinamik has also announced the appointment of Datuk Mohamed Ilyas Pakeer Mohamed, Masleena Zaid and Johan Mohamed Ishak to its board as independent and non-executive directors (INEDs).

With share price of the global integrated oil & gas (O&G) service provider having fallen and slightly breaking below its target price, HLIB Research has upgraded its rating on Serba Dinamik to “hold” (from “sell” previously) with an unchanged target price of 78 sen based on 0.7 times FY2022 book value per share (BVPS).

In particular, the research house also made special mention on the appointment of Masleena Zaid who is the managing partner of Messrs Masleena, Yee & Partners as a positive step given she was previously a prosecuting officer at the Securities Commission (February 2001 to June 2008) and the head of section at the Companies Commission of Malaysia (July 2008 to December 2009).

If someone can believe that kpmg is doing actual work. Then i guess its okay also to put trust in EY. Let these people do their investigation. Ey will do their best too to assess kmpg's findings. Eyes and expectations are on them. Let see this through first before making any senseless assumptions.

As many sort of has predicted before. Serbadk has drop to lowest as 55 sen now. But obviously it was due to the market sentiments that are so negative due to its audit issue. The shares is so undervalued now. If wanna buy, this is the right time also. So cheap but its potential is big if one to look at the issue will settle in the favour of Serba dinamik. I think it will..

Public invest still call hold for Serbadk.

Source : PUBLIC BANK
Stock : SERBADK Price Target : 1.39 | Price Call : HOLD
Last Price : 0.625 | Upside/Downside : +0.765 (122.40%)

https://klse.i3investor.com/servlets/ptres/59962.jsp

Be patience folks. It will bounce. Even Air asia despite being hit by the pandemic. It recovers slowly now. Once they solve the issue. It will be upward again. For now dont miss the opportunity to buy this counter. Buy and keep.

Expecting the price to be swaying around for a while till everything is cleared again. Once everything is solved and sentiment is up again. As usual the price will recover. Low risk to buy now since its so cheap.

Obviously the down trend is due to selling pressure and market sentiment. Might already hit its lowest. Can it even go even lower? Im skeptical. Keep collect and buy.

Agreed. The price is already too low. For me its low risk. Good time to collect and buy now.

----- from tele group -----

I SELDOM write or express my personal opinion on politics and business, and furthermore I am not good in business. However, I can see during Tun M administration politic and business work side by side and always intertwined. This environment continues in “Boss Ku” administration .....and after the fall of UMNO, the same things continues to happened under the so called people government. The PKR....then PN.... Things haven’t changed in the last 50 years – they have only gotten worse. Every politic agenda in Malaysia always be associated with the business......politic funding!!!!!!
Everything is fair and good except the politic...thats remind me to my late father, he said “ Jangan sekoh main politik sebab politik tok kemaik” (don’t be in politic, politic is dirty).....may be what he said is true....


I have a chance to work in politic, few years ago and one of the task is fund rising for political fund....so where to find fund... .I am confused.. and one of my college give me list, a list of companies, some listed is bursa and some not.....he said see them ask for it....they know what to do....since then that was I did .....till retired 7 years ago...many dirty things happened in front of my eyes...My late father is right.
Recently, I see a local listed company from Sarawak been accused of unethical financial activities.....been reported to authorities and been tarnish their reputation in online ...thats recalled me of an incident similar to this during my work in politic... when people don’t get the fund people start attacking. there is a time we need to tarnish the source of funder reputation when we can’t tarnish the individual....stop the source of money and then negotiate.....Things never change....either in Semenanjung or in Sabah and Sarawak...In 7-10 years involve in politics, I saw many companies been victim.. Sarawak companies also never escape..........
So, the recent incident involved local listed company from Sarawak........anything can happen, Is it a real fraud and unethical activities? a business espionage? or another political agenda? who’s knows.....


Maybe we need to look back on the similarity of the previous incident.....to this incident....

Loooks like Serba Dinamik is serious want to solve the issue. They din remove KPMG. Now they appoint independent firm to double cross check the audit. Company show commitment to ensure the issue solved. Positive sign.

Never know when. But strong feeling SAPNRG gonna fly soon. Oil so umph.

Definitely things are developing to solve the issue. Serba Dinamik decision to not remove KPMG shows theres no manipulative intention from specific parties. MSWG also commended the action. Surely all of them are trying to work out together to work this out. Lets not jump to any conclusion yet till the final findings are out.

Despite the huge fuss after KPMG raised issue, till now investigation is still ongoing. They also not yet to show any proof. Investment is not a gambling. Invest with the company u believe in. If u dont, go invest in somewhere else. I still feel that business prospect for Serba Dinamik is still big. Buy and keep for me.

Buy and keep. Strong support from Dato karim with 1b shares purchased.

hmm makes sense i think there are more to it than meets the eye. a lot of fishy things happening around this audit lah. the company long time dy no issue out of suddenly claim here there fraud and other things. doest make sense lah

Posted by Shinobi > Jun 1, 2021 6:15 AM | Report Abuse

In my opinion, there are few doubtful things here, one, KPMG is external auditor service provider since 2013, and got fees for auditing approximately RM700,000 to RM800,000. Quite substantial amount a year, then why they trying to burn the bridge? There is a possibility of the external auditor who are conduct the audit may not competent.

oil and armada up very good. Hopefully sap will follow soon lah.

Patience. It will bounce

Rocket coming soon for oil and gas counters

Keep holding. Once covid slow down, the counter will go up hopefully.

True. The more reason we need to be patient.