(Photo by Sam Fong/The Edge) Datuk Dr Mohd Abdul Karim Abdullah -A +A
KUALA LUMPUR, Malaysia (July 5): After the latest forced selling of 32.18 million shares, Serba Dinamik Holdings Bhd group managing director (MD) Datuk Dr Mohd Abdul Karim Abdullah’s stake in the engineering solutions firm has reduced to 20.727 percent.
In comparison, at the start of June, his stock share in the company was 27.066 percent, down 6.34 percentage points from the previous month.
Mohd Abdul Karim was obliged to sell two blocks of shares, one of 10.18 million shares on June 30 and another of 22 million shares on July 1, according to a bourse filing today.
He sold a total of 203 million shares last week, bringing his total number of shares obliged to be sold to 235.18 million.
Serba Dinamik’s stock has risen since hitting a low of 32 sen on June 29, following news that the company had formally appointed Ernst & Young Consulting Sdn Bhd (EY) as the special independent reviewer to conduct a special review of the company’s financials, following issues raised by its former external auditor KPMG PLT.
Serba Dinamik was the most actively traded counter on the exchange today, gaining 10 sen or 25.97 percent to settle at 48.5 sen, with a total of 1.49 billion shares moved. It has a market cap of RM1.8 billion.
On May 25, the company declared its intention to engage an independent firm for the special independent assessment, and EY’s appointment was formalized on July 2.
The appointment was made after conversations between Serba Dinamik and Bursa Malaysia, during which EY was deemed “suitable for engagement” due to its reputation as one of the top four auditing companies, according to the statement.
Serba Dinamik has been in the headlines since the company reported at the end of May that KPMG had advised it of several issues with its statutory audit.
KPMG had previously raised concerns about anomalies in the group’s records, which involved transactions worth about RM4.54 billion. Mohd Abdul Karim, on the other hand, has consistently asserted that Serba Dinamik’s management did nothing improper in relation to the audit findings raised./n
