After several rating downgrades and hitting limit-down for two consecutive days, at least one broker is requiring investors to pay cash upfront to buy shares of Serba Dinamik Holdings Bhd.
At least one broker is requiring investors to pay cash upfront to buy shares of Serba Dinamik Holdings Bhd. This means the standard practice of the T+2 settlement cycle will not apply for the oil and gas services company for the time being. A source from RHB Investment told StarBiz that Serba Dinamik securities are considered as high-risk.
Following this, the company said it is in the midst of appointing an independent firm to commence a special independent review to “assess the veracity and accuracy of the matters.” The stock was suspended on May 27-28, and trading resumed only on May 31. it is noteworthy that the market was closed on May 26 following Wesak Day celebration.
“In our opinion, efforts to restore capital providers’ confidence in Serba Dinamik’s operations are likely to take months, even if the company completes the independent review. “MARC will resolve the placement based on the outcome of the independent review, including clarification of the matters that have been raised.
This was following the statement from Serba Dinamik that it will go ahead with the motion to change its external auditor KPMG, despite calls to stop it from doing so.
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