KUALA LUMPUR, May 31 — Shares of Serba Dinamik Holdings Bhd hit limit down in early morning trade, declining by 30 per cent at mid-morning, after the counter resumed trading today following a two-day suspension.
Shares of the energy-linked counter fell 48 sen to RM1.13 with 28.33 million shares changing hands at the close of trading today.
To recap, trading in the company’s shares was suspended for two days beginning May 27 after its Board of Directors was informed by its external auditor, KPMG PLC, on some matters pertaining to statutory audit.
During a press conference on Saturday, Serba Dinamik group managing director and chief executive director Datuk Dr Ir Mohd Abdul Karim Abdullah said at the request of the external auditor, the company had decided to appoint an independent firm to assist in reviewing the issues that the external auditor had been unable to do and to review the process of confirmation.
The company has shortlisted a few international independent firms to assess the veracity and accuracy of matters highlighted by KPMG.
The Board of Directors is expected to make its decision by the end of next week.
Meanwhile, the other counters related to Mohd Abdul Karim also dipped today, including KPower Bhd which lost 23 sen to RM1.08 at close today with 43.23 million shares transacted.
Based on the company’s annual report, Mohd Abdul Karim owns a 33.29 per cent stake in the company.
Reuters reported that the Securities Commission said it has begun an investigation into the energy-linked company. — Bernama
