Serba Dinamik

2023 - 1 - 10

High Court allows winding-up of Serba Dinamik, three subsidiaries (The Edge Markets MY)

The High Court on Tuesday (Jan 10) allowed a petition by six financial institutions to wind up Serba Dinamik Holdings Bhd, and its three companies, ...

In addition, the directors — some of whom are in SDIL — also refused to divulge details. She said that the debt to the petitioner syndicated lenders, which she represented, amounted to about RM1.7 billion. “This is close to RM5 billion, and there is no proper restructuring plan. Moreover, he argued that the winding-up would also affect the joint venture. Lee Shih on behalf of the interim liquidator said that Serba Dinamik and the respondents had not filed the statement of affairs, and that they had also failed to disclose where the assets are. He added that in the judicial management application, the group said that it is eager to pay the creditors, but nothing came out of that, with the group failing to pay the creditors on Aug 31 and at the end of last year.

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Image courtesy of "Free Malaysia Today"

Court winds up Serba Dinamik, three subsidiaries over RM5bil debt (Free Malaysia Today)

The oil and gas services provider and its subsidiaries owe a total of RM5 billion to six banks.

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Image courtesy of "Malay Mail"

With total debt of nearly RM5b, High Court allows Serba Dinamik ... (Malay Mail)

KUALA LUMPUR, Jan 10 — The High Court has allowed the winding-up petition filed by six financial institutions against Serba Dinamik Holdings Bhd and its ...

“This is close to RM5 billion, and there is no proper restructuring plan. There is a propensity as in the past for the Serba Dinamik group of companies to come out with bare allegations, with no credible evidence to support,” he was quoted as saying. The lawyer was quoted as saying this was a case of a group of companies which has the largest debt owing in the insolvency court, and it lacked a credible restructuring plan.

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Image courtesy of "The Star Online"

Trading ideas: Nestcon, Serba Dinamik, Berjaya, Kelington, Haily ... (The Star Online)

KUALA LUMPUR: Stocks that could see increased investor attention include Nestcon, Serba Dinamik, Berjaya, Kelington, Haily and Tex Cycle Technology, ...

[Tex Cycle Technology (M) Bhd](/business/marketwatch/stocks/?qcounter=TEXCYCL) [ has proposed to dispose of two detached factories in Puchong for RM19 million, which is expected to result in a gain on disposal of approximately RM13.72 million.](http://charts.thestar.com.my/?s=TEXCYCL) [Berjaya Corp](/business/marketwatch/stocks/?qcounter=BJCORP) [ Bhd says that it is in the midst of negotiations for the proposed acquisition of a controlling stake in MCIS Insurance Bhd.](http://charts.thestar.com.my/?s=BJCORP) [Serba Dinamik](/business/marketwatch/stocks/?qcounter=SERBADK) [, Berjaya, Kelington, Haily and Tex Cycle Technology, said Apex Research.](http://charts.thestar.com.my/?s=SERBADK)

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Image courtesy of "The Edge Markets MY"

Serba Dinamik, BCorp, Inari Amertron, Bintai Kinden, Nestcon ... (The Edge Markets MY)

Here is a brief recap of some corporate announcements that made the news on Tuesday (Jan 10) involving Serba Dinamik Holdings Bhd, Berjaya Corp Bhd, ...

The consent order also states that SilTerra’s board is entitled to convene for subsequent meetings on matters related to the company, but cannot deliberate on the legal matter. The group’s plans to launch 12 new projects in 2023 covering the Klang Valley, Johor, Pahang and Perak, with a total gross development value (GDV) of RM2.09 billion and 4,021 cumulative units across all property types. Bintai Kinden said BTSB has an account with a digital currency exchange licensed by the Securities Commission Malaysia. Inari Amertron Bhd, which saw its stock price fall by as much as 25 sen or 8.9% to an intraday low of RM2.55 on Tuesday, is unlikely to be affected by news that consumer electronics giant Apple Inc might be dropping Broadcom Inc's chip from its devices. Koperasi MCIS Bhd holds another 44.39% equity interest in MCIS Life, while the remaining shares are held by individuals. Serba Dinamik also said that it is seeking legal advice to appeal or set aside the winding-up order.

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Image courtesy of "The Sun Daily"

High Court allows petition to wind up Serba Dinamik, 3 subsidiaries (The Sun Daily)

The six financial institutions acting as the suit's petitioners are Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah ...

“The board of directors of the company wishes to further inform that the board is in the midst of seeking legal advice to appeal and/or set aside the Winding Up Order,” according to Bursa. “The board of directors of the company wishes to inform that upon announcement of the Winding Up Order, they will become functus officio and cease to have power in relation to the affairs of the company save and except that the board retains residuary powers to appeal against and/or apply to set aside the Winding Up Order. “Any further queries in relation to the affairs of the company are to be directed at the Liquidator of the company.

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Image courtesy of "MalaysiaNow"

DAP man calls for transparency from Sarawak govt after Serba ... (MalaysiaNow)

Dr Kelvin Yii notes the 'significant shares' held in the company by the state government.

"Good governance is fundamental to ensure that the future of Sarawak and Sarawakians is protected," he said. "That is about 30% of the total shares of the company owned by bodies linked to the Sarawak government." Bandar Kuching MP Dr Kelvin Yii today urged the Sarawak government to reveal the exposure and quantum of possible losses to the state treasury as well as government-linked bodies and corporations following a court ruling allowing the winding-up of energy services group Serba Dinamik Holdings Bhd over debts of some RM5 billion.

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Image courtesy of "The Borneo Post"

Reveal State Treasury's loss to Serba Dinamik, MP tells S'wak govt (The Borneo Post)

KUCHING (Jan 11): Bandar Kuching MP Dr Kelvin Yii has urged the Sarawak government to reveal to the public the possible losses suffered by the State ...

He pointed out that the Sarawak government should explain specific plans, if any, to better protect the interests of Sarawak and to recoup the possible enormous losses in public funds. The first factor is the details and the quantum of losses suffered by the state treasury and all the respective government-linked bodies and corporations in Serba Dinamik; second factor, if there was any proactive measure done by the Sarawak government at the beginning to protect the interest of Sarawak since the breakout of the scandal as early as May 2021 and the third factor, what are the plans of the government to recoup the enormous losses in public fund and ensure such scandals do not happen again, he said. “That is why in the spirit of transparency and huge public interest, the Sarawak government must reveal in the spirit of transparency three important factors,” said Yii.

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