Serba is low price compared to what it’s share price was. Cheap implies there is some value.

limitupmeh https://m.malaysiakini.com/news/574417

Yes, a learning experience for KPMG. That's why they are sticking strictly by the rules this year.

And if KPMG were solely at fault it would be over by now

Serba nor KPMG will not be allowed to make statements until SC, MACC, etc. give them permission

Tedinvestor @gettingreal you should have register your email with your bursa Malaysia through your investment bank. Bursa will directly send email form to apply online. Simple and fast

Also register with https://investor.boardroomlimited.com and you can do it online and save a trip to the Pos to buy a stamp.

https://www.thestar.com.my/business/business-news/2021/06/05/the-essential-role-of-an-audit?utm_source=smt&utm_medium=email&utm_campaign=BNL_Ju

"Interestingly, in the FY19 audit report, the auditors had highlighted three key audit matters then and they include:

> Existence, accuracy and completeness of revenue recognition;
> Completeness and existence of material on-site amounting to RM908mil; and
> Valuation of trade receivables and contract assets valued at RM1,526mil.

In FY19, the auditors addressed these key audit matters via various methods and means to ensure the financial statements were accurately reflectively of the balances presented".

To me, this says KPMG flagged the same discrepancies in the 2019 audit but effectively said "these are in question and need to be addressed" before the next audit. Serba indeed addressed them in 2020 by increasing the amounts substantially. KPMG's assessment was obviously in conflict with what the Serba BoD wanted. I believe this is why the annual reporting was extended to end June, with the Serba BoD expecting to be able to bully KPMG into submission.

It obviously hasn't worked for Serba's BoD.

I may have got it wrong, I'm not an accountant, but I've been around a bit, including in oilfield contracts and operations.

It will be interesting to see, if the BoD are found to have their hand in the till, what the consequences will be (look at the economics of SCIB too). I guess a number of foreign investors will be watching this too.

Given the sea-change in the tone of reporting in the press, I guess some politicking is going on.

Serba, could be a going concern if it is only money, however, any fraud element would have to be removed.

fortunefire kadiar should have the balls to push the board to fire KPMG immediately.

Kill the messenger? You assume KPMG are at fault! As can be seen, KPMG have gained nothing from their assessment of Serba. What they have hopefully prevented is being found to be complicit / negligent next year or the year after when the whole house of cards comes tumbling down.

limitupmeh KPMG please reply la. If Karim fraud go to jail. If KPMG wrong better fire

KPMG report to the client (and possibly Bursa, etc. if things are not right). They do not report to the shareholders nor public

Awang has disposed of more shares:
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3166044

My perception is with the counters that deliver their dividend robustly, there is very little "chatter". People are content to receive their dividend rewards.

All else being equal, a share price increase is negative if you want to reinvest your dividend, that is unless the dividend increases at a higher rate (work it out on a spreadsheet, it is scary).

Look at MBB's share price history and dividend, you can't do much better in terms of dividend cents per ringgit invested with a (apparent) low risk.

As Petronas states "blue chip"

for those who are interested in the shorters:

https://www.bursamalaysia.com/misc/missftp/securities/securities_equities_rss_2021-06-09.pdf

I guess the indicator is they are not acquiring at this 'cheap" price

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3165267

bobvic96 Does anyone know, according to Bursa's rules, the maximum time allowed between a significant shareholder's share transaction being made to the RSS statement being issued?


Given the below, it appears to be at least 6 days
https://malaysiastock.biz/Company-Announcement.aspx?id=1324798

Yogibear126 Uncle say
Low price high dividen yeild there is no such thing in this world.

Check out TALIWRK

Does anyone know why KUMPULAN WANG PERSARAAN has ceased to be a substantial shareholder?

https://malaysiastock.biz/Company-Announcement.aspx?id=1324863

Dante5566 bob, my curiosity as well, it looks like this counter is aggressively shorted lately but couldnt get the info.

https://www.bursamalaysia.com/misc/missftp/securities/securities_equities_rss_2021-06-08.pdf

Does anyone know, according to Bursa's rules, the maximum time allowed between a significant shareholder's share transaction being made to the RSS statement being issued?

Yogibear126 My uncle & aunty advise

Please advise which shares your uncle & aunty would buy which are low risk and provide one of the best dividends.

Ifahjais Neither are they selling. At this price it's not bargain. As long as they have enough to control the company, buy extra for what? Sometimes company prospects is not everything.

There can be a world-wide crash which has nothing to do with ARBB.

Anyway, never marry a position. Must have appropriate risks management in place.

=================================


thanos2020 Somewhere ard mid of Mar 21, I believed Liew converted aome of his ICPS to become the mothershare...I read it somewhere (correct me if I am wrong).. It is much cheaper for him to convert his ICPS than to buy from the market...

==================================

Reading between the lines, senior management occasionally convert their ICPS options into stock then sell (or is it transfer) on the open market at a "high" price to buy their properties, cars, etc. and all the "faithful" rush in to buy.

I need something like that in my life.

stkoay Haha.....no one need to wait for the drp shares to come before they can sell...
....if investors want to convert their drp allocation into cash, they can sell anytime after the ex dividend date.

.....if you have 10k drp....you sell your shares in your hand first....then was for the drp to add back to your existing shares....why need to wait for drp shares?? haha.

Good idea, both DRP options covered

tollebunsmith Thanks for the explanation / viewpoint. If they drive the price down, I'll accumulate unless something drastic happens to the business fundamentals.

Usually, shares drop in value after the ex-date, MBB and a couple of others I hold have been quite resilient in maintaining their share price, one even increasing..

"Even if i am wrong , we will do the oppisite the next drp round.... ok?"

Maybe, I'll consider what the options are at that time.

tollebunsmith I Just received my drip from my broker, and the docs must be returned by tomolo. Expect big drop in price of MBB once we take up the drip, fund managers cabut... it is all pakat pakat

Surely the funds have to make a profit, how do they do that if they drive the price down? I for sure will accumulate if the price gets more attractive - it's already interesting at RM8.2.

If they could manage to drive the price down, they should have done that from when the DRP option was released to the shareholders to the time they need to be submitted - people would then take the cash option.

The link from the Star:

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

From the Star:

“Interestingly, in the FY19 audit report, the auditors had highlighted three key audit matters then and they include:

> Existence, accuracy and completeness of revenue recognition;

> Completeness and existence of material on-site amounting to RM908mil; and

> Valuation of trade receivables and contract assets valued at RM1,526mil.

In FY19, the auditors addressed these key audit matters via various methods and means to ensure the financial statements were accurately reflectively of the balances presented.”

Indeed, it must be KPMG’s fault it they can’t check the accounts in 18 months, 6 months longer than is the norm.

I’m joking of course about KPMG, not the Star’s statement

https://www.theedgemarkets.com/article/philippines-files-criminal-complaint-against-wirecards-former-coo

MANILA (June 5): Philippine authorities investigating the multi-billion dollar fraud at Germany's Wirecard AG's have filed criminal complaints against the payment firm's former chief operating officer as well as others.

Wirecard collapsed last June, owing creditors almost $4 billion, accused by its auditor of a sophisticated global fraud. At one point, it claimed it kept more than $2 billion in two Philippine banks - claims that the Southeast Asian nation's central bank and the lenders have denied.

Philippines Justice Minister Menardo Guevarra said via text message on Saturday complaints filed by the National Bureau of Investigation on May 31 accuse the respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.

In addition to Wirecard's former COO Jan Marsalek, Gueverra said complaints were also filed against the M.K. Tolentino Law Office as well as against other entities that he did not name.

The whereabouts of Marsalek, who was fired after auditor EY refused to sign off on Wirecard's accounts, are unknown and Reuters could not immediately reach him for comment.

Mark Tolentino, whose law firm was used by Wirecard to open foreign currency bank accounts with BDO Unibank Inc and Bank of the Philippine Islands, did not respond to requests for comment.

The unraveling of Wirecard, once one of the hottest fintech companies in Europe, has prompted EU financial authorities to propose stricter rules next year for company financial reporting and auditors.

bobvic96 To everyone who believes in the future of Serba: Live long and prosper. But i suspect the odds are against you.

I will truly try to make this my last post on this board as I no longer skin in this game. However, I am truly p*ssed off what it has cost me. Not a catastrophe but a real irritant. I hope this, percentage wise, costs Karim as much as it cost me.

bobvic96 When you are good at doing your job sometime you cannot refuse to do some dirty jobs in Middle East on the request of MO1 for your country.

Sorry, if you are good at doing your job, others should defer to you unless you are getting a substantial (off the books) boost. If not you are as corrupt as the rest in tis fiasco

And please, enlighten the rest of us how you are going to reconcile your actions with your God(s)

When you are good at doing your job sometime you cannot refuse to do some dirty jobs in Middle East on the request of MO1 for your country.

Sorry, if you are good at doing your job, others should defer to you unless you are getting a substantial (off the books) boost. If not you are as corrupt as the rest in tis fiasco

oskchoon I3lurker, don't forget Khazanah have the financial strength to buy over Serbadk, at least oil and gas company is better than Airlines...

But would the same BoD be in place. If so, forget Malaysia's future

bobochacha But this round. Kpmg only queried regarding mostly local related project + a bahrain project

Whatever you are taking please advise as I would like to be out of this pain zone too

https://www.theedgemarkets.com/article/abdul-kadier-continues-mopping-serba-dinamik-shares-despite-company-facing-audit-issues

Obviously looking forward to the point where the Malaysian government take over running the company, as with Scomi

Hotstuff
We all go through learning experiences. Some learn, some don’t. In my case it took a two good shaftings by Karim’s companies. I won’t be associated with any of his companies again choose how good their books are made to look. Integrity is everything in business for the long term. He appears to be sadly failing

probability all the cash had disappeared into working capital mainly the acquired PPE (almost 600m) should be real, as these are physically observable...

but not by KPMG

It is funny. KPMG's function is to verify what it says on the box is actually inside the box. They do this as it is a statutory requirement to protect stakeholders interests. Everyone (OK many people) is attacking KPMG for finding that the statutory requirements have not been met in the annual report.

Would it be better if they signed off and everyone is "happy" but KPMG would have just prostituted themselves? If KPMG had done this, the findings in a future audit would be much worse for all the stakeholders and KPMG's reputation would suffer.

People, get real, this situation is because something is not right in Sherba's books. Had it not been serious they would never have let it get this far.

Gtrade why SCIB and KPower are dropping even though it has "no" accounting fraud? Smart money fear Karim may face margin call with his averaging down of Setback .

I believe Bursa, SEC, MACC should investigate SCIB (and Sherba), Roslan and you know who have milked the company dry. Issued dividends in 2020 for the first time, then unnecessarily. issued warrants (to line their pockets) and then had a PP to fund operations. Unfortunately for me, I bought into SCIB on the swan-song of the anal-ysts (you know the sort, those who cane a counter one day only to sing its praises the next, possibly after a suitable transaction or threat has taken place) only to see a significant drop in the share price. I should have done what my gut feeling said and sold at a 50% loss rather than the 70% loss.

I bought Sherba on the same premise but didn't realise who were directors, after all the figures looked good. I guess the company has just been a cash cow for the directors. One thing for sure, I'll check on the BoD in future before investing

Superhotdog Good news coming soon. KPMG maybe will sign

sign Serba's death warrant?

Jack888 Very cheap now...

You mean very low price does not necessarily correspond to good value

VWAP now worked its way down to 0.805

Mabel is quiet?

Mikesinoda283 Be patient. This is all because of the sentiments.

If only, BoD appear to have been caught with their hand in the till. It is not sentiment, the company is damaged goods apparently 3 billion (half the then company's value) unaccounted for. I guess you could call it sentiment for when directors could be trusted.

kokchengkai buah mangga jatuh ...tunggu apa lagi

logically when they are at the bottom, lying on the ground and easy to pick up - but only if you are interested in a company run by miscreants. The mangoes may be full of bugs

Interesting trades which have slowed down a lot. 0.805 most trades with only single lots appearing to be sold at 0.810. Market trying to stimulate up momentum - not apparently working so far

probability auditors usually live in a perfect ideal world....real business practise cannot be fully executed as per IFRS rules due to practical reasons...

Correct and it is usually discussed and resolved by the client implementing a plan to address the issue. Serba appear to be unwilling or incapable of addressing the issues. If KPMG had accepted the books as they were, they do to a degree, absolve the company of its sins. In this case it was way the top of what KPMG could accept as a liability.

kokchengkai 还原金鹏Transmile的假账丑闻


Very interesting and Serba appears to be in a similar situation

Pinky A company that has been showing consistent growth and profitability since IPO in 2017, all of a sudden become a con job?

I don't buy it.

And neither should you buy it. Growth and profitability only on paper, cannot be verified by KPMG. Serba is very damaged goods. Lots of debt, credit rating downgraded, etc. but possibly the most damming being indications of fraud (manipulated accounts of circa 3billion, half the then value of the company. Major institutions will not be able to touch it (at least foreign ones).

If KPMG are wrong, Serba would have a legal case against them for the damage it has done to the company. Before proceeding with their issues their findings must have been reviewed with the most senior people.

ace4andy and tianqi888

If you plan to remain investing in Maybank you should maximise your DRP allowance*, you will then get the maximum benefit of the dividend. One caveat, as long as the share price remains above (or at) the strike price of RM7.55. The cost of buying the shares is RM13 while the minimum broker cost (PB2U) is RM28 ++.

* in my case including odd-lots as they also earn dividend and can be rounded down into a full lot at a future date.

ttchiam77 if the audit continued by KPMG...and come out negative

The audit has to come out negative as it is the reason the share price is in such a mess. KPMG have stuck by their findings, I guess, despite intense pressure from a number of parties to rescind.

calvintaneng Today KWAP Sold 26 Million SERBA Shares

Very interesting that a number of foreign investors are very likely to get burnt.

So what are Bursa, MACC, etc. going to do about it, "I'll scratch your back and you scratch mine" we don't need foreign investment whereby Malaysia can take a slot alongside a certain West African country renowned for such things, or are are they going to get off the pot and restore(?) Malaysia's credibility and make it attractive for overseas investors?

jinova546 so what now ??

The only credible way forward is for KPMG to put forward their findings which, given what is implied, must point fingers to (at least certain members) the BoD having their hand in the till.

They can't find a flunky manager in the UAE and blame him as there will be no credibility going to the banks and requesting a loan to support their debts. Time for a flush through.

jamieroy EVEN as the odds are stacked against him, Serba Dinamik Holdings Bhd head honcho Datuk Dr Mohd Abdul Karim Abdullah must be credited for his ‘noble act’ of acquiring 5 million shares in the open market on Monday (May 31) at RM1.13, thus raising his stake in the company to 27.07%.

The whole board should be fired and banned from ever being directors in a listed company. The whole issue stinks and they have not done their job in looking after shareholders/stakeholders interests, only in filling their own pockets.

How can independent directors keep quiet when there is obviously something seriously amiss. They are paid relatively a lot of money and do nothing except, possibly kow-towing to one or two individuals - that may be the price they have to pay to be a director in certain companies.