Bursa Malaysia Securities Berhad has issued directives to Serba Dinamik Holdings Berhad with regards to the groups announcement in relation to the status of the appointment of an Independent Reviewer.
In notice published, Bursa noted that to–date, SDH had yet to officially appoint one to undertake a Special Independent Review (“SIR”) to address the concerns raised by KPMG. In accordance to the Main Market Listing Requirements, Bursa issued 4 directives asking SDH to:
a) Appoint, by 2 July 2021, an international accounting firm or and accounting firm, with an international affiliation, that has adequate experience and resources, to undertake the SIR to address the concerns raised by KPMG;
b) Ensure that the appointed accounting firm or its affiliates have a presence in Bahrain and such other overseas locations, where the customers and suppliers SERBADK are located, as highlighted by KPMG;
c) Ensure the scope for the SIR is as agreed between the Audit Committee and Ernst & Young Advisory Services Sdn. Bhd., where the scope was shared with Bursa Securities on 15 June 2021 or as instructed by Bursa Securities; and
d) Allow the appointed accounting firm to undertake the SIR and report directly to Bursa Malaysia and the Securities Commission Malaysia periodically on the progress of the SIR and the findings upon completion of the SIR.
Bursa indicates that this directive is issued to ensure the issues highlighted by KPMG are addressed in a timely manner and provide clarity to the market.
