Serba Dinamik to appoint Ernst & Young

PETALING JAYA: Serba Dinamik Holdings Bhd’s board has agreed, in principle, to appoint Ernst & Young Advisory Services Sdn Bhd as the independent reviewer to assess veracity and accuracy of the matters highlighted by the external auditors, KPMG PLT.

The group told Bursa Malaysia it will make an updated announcement upon the finalisation of terms and conditions of the appointment.

Serba Dinamik also appointed three new independent and non-executive directors, namely, Johan Mohamed Ishak, Datuk Mohamed Ilyas Pakeer Mohamed and Masleena Zaid.

Johan, 45, is the managing director of Awesome Media Network Sdn Bhd and was formerly chief executive officer of Media Prima Bhd (2017 to 2020).

Mohamed Ilyas, 65, is the executive chairman of Koperasi Amanah Pelaburan Bhd and also the chairman of Awesome Media Network, Hartanah AP Rakyat Bhd, CTG Capital Sdn Bhd, HAF Automotive Sdn Bhd and AP Holding Bhd.

Masleena, 45, is a managing partner at Messrs Masleena, Yee & Partners and also a director at De Apex Force Security & Consultancy Sdn Bhd and AP Holding.

She was formerly head of section at Companies Commission of Malaysia (July 2008 to December 2009) and a prosecuting officer at Securities Commission of Malaysia (February 2001 to June 2008).

Serba Dinamik came into the spotlight a few weeks ago when its long-time external auditor KPMG sounded alarm bells on some of its past sales transactions and trade receivables.

Since then, a host of developments have occurred including Serba Dinamik’s second largest shareholder’s attempt to replace KPMG before later withdrawing his intention.

Serba Dinamik’s stock has since taken a beating, falling to 60.5 sen on June 11 from its close of RM1.61 on May 27.

However, the counter rebounded yesterday following the announcement regarding the appointment of Ernst & Young. Serba Dinamik had hit a new low of 54 sen yesterday morning before jumping 23% or 14 sen to close at 74.5 sen.

It was also the most actively traded stock on Bursa Malaysia with 1.235 billion shares changing hands.