KUALA LUMPUR, Nov 24 — Serba Dinamik Holdings Bhd has announced the promotion of its current independent director to chairman and the resignation of its chairman and independent director to comply with Bursa Malaysia Securities Bhd’s requirements.

In separate filings to Bursa Malaysia today, Serba Dinamik said Datuk Seri Mohamed Farid Abu Hassan has been appointed as its new chairman to replace Datuk Mohamed Ilyas Pakeer Mohamed who had resigned.

The company added that its independent director Johan Mohamed Ishak has also resigned from the current position.

"The requirements imposed by Bursa Malaysia to Serba Dinamik has prohibited Mohamed Ilyas and Johan from fairly discharging their duties as independent directors of the company vis-a-vis an independent director’s responsibilities to the company, its shareholders and the overall fairness of independent director’s role in Malaysian capital market.

"Adhering to the requirements imposed by Bursa Malaysia would put them in an untenable position, contradictory to the said responsibilities mentioned above, as it necessitates, in their opinion, premature and unfair actions due to the incomplete Special Independent Review by Ernst & Young Consulting Sdn Bhd that is still ongoing and thus inconclusive,” said Serba Dinamik. — Bernama