From latest QR, my personal opinion, the trigger is inevitable without any capital injection or restructuring. (early to late Jun 2022)

Why?

PN17 criteria:
"shareholders' equity of the company on a consolidated basis is 25% or less of the share capital (excluding treasury shares) of the listed issuer AND such shareholders’ equity is less than RM40 million."

Share capital 10,872,078m
Total equity 254,177m
Current equity is only a mere 2.3% of share capital.
Lucky them their equity still above RM40m, current stood at RM254m.

However, this won't last long.

Look at the total equity trend from Q1 to Q4 2022:
8,943,307 -> 7,658,687 -> 6,843,468 -> 254,177

So only another 214,000 to go before trigger the criteria.

Secondly,
Annual Audited account will be released in early June.

We can only make a guess whether will their external auditor raises material uncertainty relating to going concern.

So yeah, it would be either early Jun or late June.
one way or the other.

skyu
yup.. the transcript is very detailed and would be helpful for every investor here...

seemingly when direct probing question being asked by multiple analysts, they more like avoiding answering the actual question but pusing around with words..

1 analyst did state about this kitchen sinking exercise in Q4 and since there is an impairment of 212 millions happened, they are worried of the assets and goodwill quality. from the transcript, management fail to addressv the analyst worries

https://www.businesstoday.com.my/2022/03/10/pnb-exposure-to-sapura-energy-less-than-1-of-aum/

In view of the situation, PNB is assuring its unitholders that the situation at SEB has a minimal impact on its portfolio.

At current market prices, its exposure is less than 1% of its assets under management (AUM). PNB adds it remains steadfast and committed to. protecting and acting in the best interest of its unit holders.


Does it sounded more like PNB will pump in more money into Sapura or just write it off from the book under worst case scenario?

for those interested to know more detailed insight btw management & analyst.
the analyst did asked about this kitchen sinking exercise in q4

https://www.sapuraenergy.com/wp-content/uploads/2022/01/Analyst-Briefing-Sapura-Energy-FY22-Q3-Transcript-1.pdf

Read the annoucement carefully.


MATERIAL EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
The Disposal Transaction was completed on 20 January 2022 where the Ice Class Vessel Companies

ceased to be a part of the Group.


-------------------------N
oviceTrader
https://www.offshore-energy.biz/bumi-armada-agrees-to-sell-three-ice-c...
Deal to complete by end of first quarter. Will there be delay in completing this deal?

On the Allowance for impairment of receivables RM23m

From previous AR
"As at 31 December 2020, trade receivables of the Group and of the Company RM173,437,636 and RM2,100,000 (2019: RM184,108,159 and Nil) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default."

With amount of RM141,065,779 pass due more than 90 days as of 31 Dec 2020.

These are main culprits drag down Q4 into losses.

Impairment Loss on Goodwill RM22
Allowance for impairment of receivables RM23m
Impairment on Investment Property RM4.75m

However, management did not disclose detailed explaination on these

despite mat salleh come still making heavy losses

DannyArcher Before KPMG thing with Serba, there are 16K retail investors. After the KPMG thing, based on the latest AR from Serba, there are 60K retail investors. Almost 4X.

Same thing with ATAIMS.

If AA limit down 2 days, many retailers will come in and rescue all the big funds. Just like how many retailers average down Serba... allowing EPF to escape.

--------------

by doing so,
they actually are indirectly helping themselves too allowing EPF to escape...

meaning applied for relief -> rejected by bursa -> appeal -> appeal dismissed

Pursuant to Paragraph 16 (c) of Bursa circular on Additional Relief Measures dated 16 April 2020, and Paragraph 8 (c) of Bursa circular on Additional Relief Measures dated 17 February 2021, the Company is required to re-assess its condition at the expiry of the Relief Period. In this regard, the Company wishes to announce that it CONTINUES TO TRIGGER the prescribed criteria pursuant to Paragraph 8.04 and Paragraphs 2.1(a) and 2.1 (e) of PN17 of the Main LR.



The Board of Directors also wishes to advise that the Company had submitted its application to Bursa for the Relief Period to be extended beyond 7 January 2022 and is currently awaiting for Bursa's decision.



Further announcement will be made in due course regarding the outcome of the Company’s application to Bursa for the extension of the PN17 Relief measures.


This announcement is dated 7 January 2022.

--------------------


As announced by the Company on 7 January 2022, the Company continued to trigger the prescribed criteria pursuant to Paragraph 8.04 and Paragraphs 2.1(a) and 2.1(e) of PN17 of the Main LR, and an application was submitted to Bursa for the Relief Period to be extended beyond 7 January 2022 (“Application”), and an appeal following the decision by Bursa for the Application.



The Board of Directors wishes to inform that after due consideration of all facts and circumstances including all written representations and documents submitted before Bursa, Bursa has decided to dismiss the appeal.



Further announcement will be made in due course regarding this matter.


This announcement is dated 13 January 2022.


-----------------------

CONTINUES TO TRIGGER the prescribed criteria pursuant to Paragraph 8.04 and Paragraphs 2.1(a) and 2.1 (e) of PN17 of the Main LR.

I think the outcome is quite clear.
Waiting for the announcement.

if you understand the fundamental of stabilising action aka greenshoe option.

then you will understand why despite stabilising action, price would still keep dropping.

if come 30 Nov and the audited account is still not released.

you know who is next in line to be sued by them...

i can see many holders are restless and agitated here.
keep defending their favourite darling company.

frankly speaking, there is no use for doing so, since even you managed to get ppl buy your idea, those ppl can't even buy the share that are suspended.

you had made the decision to hold the shares hence act like a gentleman and accept it.

there are always gain and loses in life.

don't act like a toddler when things don't get your way

my guess is that EPF NO LONGER holding any share of this company

Get your facts RIGHT!!
https://malaysiastock.biz/Company-Announcement.aspx?id=1330290

Category Notice of Person Ceasing To Be Substantial Shareholder Pursuant to Section 139 of CA 2016
Name EMPLOYEES PROVIDENT FUND BOARD
Date of cessation 25 Jun 2021
No of securities disposed 96,000,000
Circumstances by reason of which a person ceases to be a substantial shareholder
i. Disposal of shares in open market.

This is on 24 Jun 2021.
Date of notice 24 Jun 2021
Direct (units) 281,084,600
Direct (%) 7.577
Total no of securities after change 281,084,600

Since 25 Jun EPF disposed 96,000,000 shares in a single day and subsequently ceasing as substantial shareholder.

As of cessasion, 185 million shares left.

So anyone that think EPF still holding the share trying to comfort yourselves,
do you think EPF unable to offload the remaining 185m or so share from Jun to Nov 21??

Come on, time to wake up

-----------------------
Newbie099 Why so many people are happy for SD to be delisted..like to laugh to other people misery..EPF still have around 7% stake in SD and its citizens retirement money!! Just wish all of this can be settled with the least financial damage to all parties
08/11/2021 8:02 PM

----------------------

https://www.nst.com.my/business/2021/10/739774/premature-release-serba-dinamiks-special-independent-review

"At the moment, everything is very much work-in-progress and in piece-meal basis, hence it's very inappropriate to release the findings which otherwise would further cloud the achievement of our target rather than to resolve the problem at hand," they said today.

this statement in the news pretty much imply how the SIR findings would be like.

getingreal They cannot run form the fact that Directors traded in shares and warrants when in possession of inside information. They acknowledge they had been been briefed by EY, and the public had not, therefore they were in possession of inside information good or bad as such they have an unfair trading advantage. The wise and proper thing for them to do would be not to trade until all matters relating to the report are released. Without question they have indulged n insider trading and the Stock exchange must act.

-----------------

probably anyone here can drop an email to SC or MSWG?

MSWG works quite efficient

https://www.malaymail.com/news/malaysia/2021/05/08/ismail-sabri-govt-agrees-to-continue-littoral-combat-ship-project/1972554

“It will also affect the Armed Forces Fund Board which is a shareholder in Boustead Holdings Berhad,” he said in a statement here last night.

Being the defense minister for the past 1 or 2 years, the new PM definitely have a special relationship with Bstead and understand the struggle of LTAT. Definitely an opportunity.

Even few days ago his private meeting seeking for support is held at Chulan Hotel.

not A new king, but MANY new kingsssssss
--------
mohda39kashalf 46 karim plus 96 epf .. absord by a new king .. gooooodddd

i have only 1 question here.
if SD unable to finalize appointment of EY by this fri due to whatever reason,

What can Bursa do?
Do they possess the rights to instruct a suspension?
or reprimand directors only?

Yup me too.. Am a victim of OILCORP, lost tens of thousands in it..

That time i was too naive to believe in the NTA.
I was like the NTA is there, so there is no problem, so i keep averaging down during the plunge, just like this case.

So its painful to see new investors repeating the same mistake.

——————

jolynce

Oilcorp. Yup I was one of those investors. If only can get back money after delisting, like that earlier fella suggested ha ha ha..

LEARN from past mistake of other investors losing their hard earned money

https://www.thestar.com.my/business/business-news/2009/09/28/oilcorps-pn17-dilemma

BARELY two years after its reported accounting issue, Oilcorp Bhd is once again in the limelight after announcing it had become an affected issuer under PN17 status.

News coverage of this nature has been both astonishing and depressing for shareholders and investors alike.

Financially, the company is in a difficult cash flow situation, which is attributable to its inability to collect outstanding large receivables on time.

On Sept 18, Oilcorp announced its default on an interest payment of RM1.6mil while two of its independent, non-executive directors resigned.

The situation has raised a myriad of concerns which the board needs to address fast and convincingly in the interest of all stakeholders.



https://www.thestar.com.my/business/business-news/2010/10/05/oilcorp-suspended-from-oct-12-faces-delisting

PETALING JAYA: Trading in Oilcorp Bhd shares will be suspended with effect from Oct 12 and the securities of the company risk being delisted from the local bourse on Oct 14 unless an appeal is submitted to Bursa Malaysia within the stipulated timeframe.

The move comes after the PN17 (Practice Note 17) company failed to submit its regularisation plan to the Securities Commission or Bursa within the prescribed deadline.

https://www.thestar.com.my/business/business-news/2011/01/20/oilcorp-to-be-delisted-on-jan-25

PETALING JAYA: Oilcorp Bhd shares will be delisted on Jan 25 following a High Court decision to allow Bursa Malaysia Securities Bhd's application to intervene and set aside an earlier High Court order, the engineering services firm said in a filing with the exchange.

On Nov 9, 2010 the Practice Note 17 company obtained an order from the High Court restraining the regulator from taking any action and/or continuing any action including but not limited to de-listing its securities until the valid expiry of the restraining order or any extension of the order.

Bursa Securities had on the same date written to Oilcorp stating that the listing committee had decided to reject its appeal against de-listing.

seemingly SERBA is not the first company to sue its own auditor.

sounds familiar??

https://www.thestar.com.my/business/business-news/2008/07/25/oilcorp-plans-legal-action-against-auditor

KUALA LUMPUR: Oilcorp Bhd is considering legal action against auditors Baker Tilly Monterio Heng (BTMH).

According to documents sent to the Securities Commission (SC) by the company that were obtained by StarBiz, it has also disagreed with a directive by the SC for BTMH to conduct a further investigation on Oilcorp's accounts.

BTMH, when contacted, confirmed that it had received a letter from the SC directing it to conduct the further work.

It is learnt that a professional clearance letter has been sent by BTMH to accounting firm Horwath regarding the audit of Oilcorp.

Malaysian Institute of Accountants (MIA) by-laws require incoming auditors to request professional clearance from the outgoing auditors.



https://www.thestar.com.my/business/business-news/2008/07/22/oilcorp-external-auditors-removed

Shareholders of Oilcorp Bhd in a near unanimous vote yesterday booted out the existing external auditors. The shareholders were unhappy on finding out the company faced the prospect of delisting after its annual accounts were accompanied with a disclaimer report.




https://www.thestar.com.my/business/business-news/2008/11/18/oilcorp-eyes-rm1bil-jobs

Hazali said athough Oilcorp was having auditing problems, business was still as usual.

“The RM120mil contract that we received from Petronas Carigali last month is proof that our business is not affected at all,” he said, adding that it was in recognition of a small company like Oilfab.

kfbusjd

if you got time.
go investigate on a delisted company named OILCORP.

check how much NTA it has during the whole saga.

same episode.
quarrel with auditors etc.

Correction. "There are people pro KPMG inside SD, there are not"
Definitely not some, ALL ID including ex-ID & chairman had RESIGNED (Total of 5).
From the previous BOD,
Only NID Karim, Awang and Kadier stay.

Let's not take those newly appointed ID into account since 1 had already resigned after 1 mere 14 days in office.

-----------------
"IbnuShaari it is a cleaning process by SD. There are people pro KPMG inside SD, there are not. I believe it should be ok for the long term as I believe Dtk Karim will try their level best to resolve the issues."

since shafie is here,
might as well appoint apanli as ID and arul as CEO.

whole team is here.

the only way to solve a dispute with independent external auditor conducting their statutory audit is to work with them to resolve all concern.

not to threaten with lawsuit

i though they had changed their financial year to 18 months hence buying more times for the audit report.

while for EY appointment, seemingly EY is the one that not accepted the appointment yet
according to AmInvest.
"At this juncture, Ernst & Young has not accepted the appointment to be the independent reviewer after Serba’s board of directors has agreed in principle"

while for PB invest, they are just posting an update on the issue and so far maybe they feel this incident still did not warrant any change in their TP.

but they are NOT calling you to buy.

even after EY done with their special audit, and KPMG still decided to give disclaimer opinion.
still same -> PN17

don't compare it with armada.
armada is on the right track with new management.
just look at their cash flow every qtr and their borrowings keep reducing.

TODDLER jun is having sleepness night thinking of the FORCE SELLING he will face Monday

jun
you must be calculating your next step now..
hopefully you use cash and not margin, else --> FORCE SELL is WAITING FOR YOU!!!

its funny to see someone like you denying the truth like ostrich digging your own hole

they think the auditor is like toddlers that will "extracted the wrong address" numerous times??

jun
do you have anythig more insight to share with us?
lolllll

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=115208&name=EA_GA_ATTACHMENTS

you think auditor simply will ask you appoint 3rd party auditor?

ask your auditor friends.

anyway, wish you all the best with your holdings

jun1920 noah, mind to enlighten us whether all listed companies do same businesses and operate in same manner? hahahhahahaha
28/05/2021 11:46 AM
-------

jun1920

mind enlighten us how then, this serbadk is so special and so different with the rest of the listed companies?
simply because you hold its share so its so special and so different that warrant appointment of independent auditor for "special independent review to assess the veracity and accuracy of the matters" ??

jun1920 hahhaha noob stockraider doesnt even understand what a 3rd party audit means hhahaha

too many naive kids these days wanna act smart dishing out troll comments

------------------------
jun1920

mind to enlighten us how many listed company requiring a 3rd party independent auditor to conduct a
"special independent review to assess the veracity and accuracy of the matters" ??

Completeness and existence of material on site
Refer to Note 2(g) (accounting policy) and Note 10 (financial disclosures).

Our audit procedures included, amongst others:
i) We evaluated the design and implementation of controls
related to inventories.
ii) We attended inventory count at various locations in Middle
East and Malaysia to ascertain the existence and accuracy
of the material on site.
iii) We verified purchases of material on site to the suppliers’
invoices and goods entry forms as well as verified to goods
exit forms for the material on site consumed to ascertain
the completeness of the material on site.


----------

While this could raise a problem if auditor not being able to present on site, however, it could be easily overcome through lets say a video call walk around on site. Auditors always have their respective methodology. Situation now is the last thing they wanted to do.

Furthermore, its related to inventories only and NOT revenue.

1)
Existence, accuracy and completeness of revenue recognition
Refer to Note 2(p) (accounting policy) and Note 21 (financial disclosures)

Our audit procedures included, amongst others:
i) We evaluated the controls designed and applied by
the Group in the process of determining the revenue
recognised in the financial statements.

ii) We inspected material new contracts with customers
to determine whether, based on the contract terms and
billing schedule as well as overall performance of services,
the Group has appropriately accounted the contracts in
accordance with MFRS 15.

iii) We inspected job completion certificates and other
relevant documents (i.e. timesheets, delivery order, etc.)
whether the associated revenue was recognised in the
appropriate accounting period.

iv) We tested on sampling basis on the revenue transactions
to the job completion certificates, delivery orders and
invoices to test on the accuracy and occurrence of the
revenue transactions.

v) We verified journal entries for revenue and revenue
related accounts based on specific high risk criteria set to
ascertain whether there are any unusual, unauthorised or
unsupported entries made against revenue.

vi) We confirmed trade receivables balances and performed
alternative test on non-replies by sighting to the
underlying delivery orders, job completion certificates
and other underlying source documents.

vii) We assessed the completeness, accuracy and
appropriateness of disclosures as required by MFRS 15.

----------
Based on Audit Report 2019,
Does any of it mentioned they physically present to verify to revenue?

There are numerous methods to verify and cross check the revenue.
External auditor will only request an independent audit when they are not satisfied based on their methodology, hence they need extra assurance.

if you do case study of every company which had been delisted.
you will shocked to find such degree of similarities during the final days.

for instances, LONBISC,

2018 vs 2019 yoy.
plant,property&equipment increase.
receivables increase.
cash decrease.
borrowing increase.
showing profit but cash flow from operations poor.

OldWiseMan100 @noah

Say if the external auditor audited and found no problem or only minor problem, and KPMG agrees to sign off, is this a good sign?

-----------

Yes.
regardless of the audit opinion be it disclaimer, qualified, or even adverse,

If the external auditor decided to continue to act as their auditor in coming year,
it would at least be a good sign.

if KPMG announce they do not wish to continue the audit job, it would be an alarming sign.

so we shall see.

expect if this auditor refuse to sign the account, they will appoint a new auditor (which usually is smaller firm and not the Big 4).

this is always how it unfolds.

it all unfolds with the same script - issue with auditor

whole FY
6b revenue, 600m net profit
however, just yield a 45m cash flow from operations??

how pathetic could it be?

those that wanted to act like ostriches you may continue to do so.
don't say you are not warned before hand.

i am just sharing my painful experience years ago where i lost a lot of fortune with a company called OILCORP if anyone old enough to recall that crap.

all those saying this audit issue with external auditor is a SMALL ISSUE is just like an ostriches bury their heads...

Come on!!

if its a SMALL issue they won't appoint an independent firm to look into this issue, instead external auditor will just issue a disclaimer opinion in their audit report.

and look at their cash flow, 45m or so cash flow from operations for a ~700m profit??

if you look at account 2019 vs 2020.
debt keep rising, receivables keep rising, payables keep rising, but cash keep decreasing.

all these still looking good?

cimb research is right, sometime, just sometime

Affin - banking theme (recovery?)
Bplant - plantation theme (look at CPO price)
Pharmaniaga - healthcare theme (vaccine)
BHIC- major project halted since 2019 continued (recovery confirm)
Hotels - drawback