Serba Dinamik Holdings Bhd has triggered PN17 criteria but will not be classified as such following the COVID-19 relief measures.
Under the PN17 Relief Measures granted by Bursa Malaysia: An affected listed issuer that triggers any of the PN17 Suspended Criteria during the Relief Period will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04 and PN17 of the Main Market Listing Requirements (MMLR) for a period of 18 months from the date of triggering the criteria.
Serba Dinamik said it had on Dec 9, 2021, triggered the prescribed criteria as set out in Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 — Criteria and Obligations of PN17 Issuers of the MMLR of Bursa Malaysia Securities Bhd.
The company today confirmed that SD International Sukuk Ltd (SDISL), a wholly-owned subsidiary of Serba Dinamik International Ltd, which in turn is a wholly-owned subsidiary of the company, has defaulted in its payment of interest due on Dec 9, 2021, pursuant to the US$300 million trust certificates due on May 9, 2022, amounting to US$6.5 million (USD Sukuk).
Bursa Malaysia had, via its Directive Letter dated June 16, 2021, granted affected listed issuers relief from complying with the obligations under Paragraph 8.04 and PN17 of the MMLR (PN17 Relief Measures) from July 1, 2021, to December 31, 2021.
The PN17 Relief Measures will be available to the listed issuer if it triggers any one of the following criteria under PN17 of the MMLR (PN17 Suspended Criteria).
