High Court sets March 27 as auction date for Serba Dinamik’s five plots of land in Shah Alam

• In a filing to Bursa Malaysia on Wednesday, the troubled oil and gas services company said the auction sale of its Johor property on Jan 2 was unsuccessful, but did not elaborate.

KUALA LUMPUR (Jan 24): The Shah Alam High Court has set March 27 as the auction date for five plots of land in Shah Alam belonging to Serba Dinamik Holdings Bhd.

In a filing to Bursa Malaysia on Wednesday, the troubled oil and gas services company said the auction sale of its Johor property on Jan 2 was unsuccessful, but did not elaborate.

Earlier this month, the group put out an advertisement seeking white knights to participate in its restructuring exercise.

“Interested parties are invited to submit their expression of interest to participate in the restructuring of Serba Dinamik (in liquidation) and to, amongst others, assume the listing status of the company or to facilitate a reverse takeover of the company,” read a copy of an advertisement prepared by its liquidator PricewaterhouseCoopers Malaysia (PWC) sighted by The Edge.

“An information pack containing details of the company can be purchased at RM500,” it added. The closing date for submission is March 29, 2024.

Shares of Serba Dinamik have been suspended from trading since Jan 18 last year after it failed to submit its annual report for FY2023 on time. It has yet to issue the report.

Its request to extend the deadline for submission to Jan 15, 2024 was rejected by Bursa Malaysia.

Serba Dinamik fell into Practice Note 17 status on Jan 6 last year, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.

On Nov 30, the group also said it was unable to release its financial report for its first quarter ended Sept 30, 2023 (1QFY2024) by the specified period required under listing requirements.

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