Serba Dinamik faced a series of serious financial and regulatory issues starting in 2021, including discrepancies flagged by auditors and submission of false financial statements. These problems led to the suspension of its shares on Bursa Malaysia in January 2023. The company failed to submit required regularisation plans and was subsequently delisted from Bursa Malaysia on June 5, 2024. Serba Dinamik is currently undergoing liquidation following a court order due to debts nearing RM 5 billion. Despite delisting, the company still exists as an unlisted entity, but its shares are no longer traded on the exchange and it faces ongoing legal and financial restructuring processes.
Key points include:
- Suspension of trading due to failure to comply with Bursa Malaysia's directives and submission of false statements.
- Delisting from Bursa Malaysia after failing to meet multiple deadlines for regularisation plans.
- Court-ordered winding-up due to substantial debts.
- Legal appeals withdrawn and liquidator appointed for the company.
- Continued existence as a non-listed entity but no public trading of shares.
This marks a significant downfall from its peak valuation and status as a major Malaysian oil and gas services provider.
