KUALA LUMPUR: Practice Note 17 company Serba Dinamik Holdings Bhd will appeal a decision by Bursa Malaysia Securities Bhd to delist the company on August 28, 2023 for not submitting a plan to regularise its financial condition within the alotted timeframe.
"The board of directors intends to submit an appeal to Bursa Securities on their decision to de-list the securities of the company within the appeal timeframe (on or before August 23, 2023," Serba Dinamik said in a filing with Bursa Securities yesterday.
Upon submission of the company's appeal and pending Bursa Securities' decision, the de-listing of the securities of the Serba Dinamik will be deferred.
However, the trading of the company's securities will remain suspended.
Serba Dinamik's board of directors' said in a filing with Bursa Securities the company is in the midst of formulating a regularisation plan to address its financial condition and there is no major development as at to-date.
For the nine month period ended March 31, 2023, Serba Dinamik's net losses widened to RM1.17 billion compared with a net loss of RM766.6 million for the same period in FY2022.
This was on 65 per cent lower revenue of RM405.1 million from the year before.