At the end of trading, its share price settled down to 2 sen, an increase of 100%, giving it a market capitalisation of RM74.54 million.

The oil and gas services provider was allowed to resume trading at 9am today as it had submitted its annual report for the financial year ended June 30, 2022, together with its audited consolidated financial statements to Bursa Malaysia Securities Bhd.

Trading of the shares was suspended on Dec 23, 2022 with the price at 1 sen, following the group’s failure to submit its 2022 annual report by the extended deadline.

In a filing with Bursa Malaysia yesterday, Serba Dinamik also said trading of its shares will be suspended next Wednesday until further notice, as a High Court had granted a winding-up order against the company on Jan 10.

Its board subsequently filed an appeal against the court’s decision to wind up the company and its three subsidiaries. It also filed an appeal against the court’s decision to reject its application to adjourn the winding-up hearing.

The group also said the board instructed its solicitors to file an application to stay the court’s winding up order to ensure continuation of its business pending a decision by the Court of Appeal.

On Jan 7, 2022, Serba Dinamik fell into the Practice Note No 17 (PN17) category for financially-distressed listed companies.

In its annual Integrated Report 2021/2022 released yesterday, its chairman and biggest shareholder Abdul Kadier Sahib likened Serba Dinamik to the phoenix from the Greek mythology.

“We at Serba Dinamik believe that we too, will rise from any setbacks and come back stronger in the face of challenges, just like the phoenix,” he said.