KUALA LUMPUR, June 5 — Serba Dinamik Holdings Bhd will be delisted from Bursa Malaysia today, the company disclosed in a Bursa filing yesterday.
Serba Dinamik Holdings will be removed from the official list of Bursa Securities, as scheduled today, after its final appeal was dismissed by the bourse’s appeals committee.
“On June 4, 2024, Bursa Securities issued a letter to the Company on its decision that: the decision of the Appeals Committee is final; and the securities of the Company will be de-listed from the Official List of Bursa Securities on 5 June 2024,” the announcement read.
The company’s stocks were suspended from trading on January 18 last year.
In an announcement dated May 31, Serba Dinamik Holdings disclosed that Bursa Securities dismissed its appeal for a six-month extension to submit a regularisation plan to authorities for approval and that it would be delisted today.
New Straits Times reported that the company failed to submit the regularisation plan by May 15, 2024, and that it was the second extension granted after missing the initial deadline on July 5, last year.
Serba Dinamik Holdings, now undergoing liquidation, debuted on Bursa’s main market on February 8, 2017, with RM1.50 per share, which was considered one of the biggest initial public offerings (IPOs) the Kuala Lumpur stock exchange had ever seen.
At its debut, the company was valued at over RM2 billion based on the 1.34 million shares issued.
Due to debts reaching almost RM 5 billion, the High Court in Kuala Lumpur ordered the company to be wound up on January 10 last year.
On February 10 last year, Serba Dinamik Holdings and its three subsidiaries — Serba Dinamik Group Berhad, Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik International Ltd (SDIL) had obtained an interim stay on a winding-up order against them.
