After hearing arguments from lawyers representing the group, and its creditors yesterday, the High Court will hand down its decision on March 16, SDHB said in a Bursa Malaysia filing yesterday.
The creditors, comprising syndicated and bilateral lenders including six financial institutions, voiced their opposition to the application to Justice Ahmad Murad Abdul Aziz at a virtual hearing yesterday.
The three subsidiaries wound up along with parent company SDHB were Serba Dinamik Sdn Bhd, Serba Dinamik International Ltd and Serba Dinamik Group Bhd.
The four companies are seeking a permanent stay pending the hearing of their appeal at the Court of Appeal against the High Court’s decision in January to grant the winding-up order.
The applications by Standard Chartered Saadiq Bhd, HSBC Amanah, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd are over the non-payment of loans amounting to RM1.7 billion out of a total sum of some RM5 billion owed by the group.
This includes US$500 million (RM2.2 billion) worth of sukuk which SDHB defaulted on.
Regularisation plan and delayed reports
While awaiting the court’s decision that could determine its fate, SDHB is working overtime to resolve its financial situation with respect to its Practice Note 17 (PN17) status.
In a filing with Bursa Malaysia last week, SDHB’s board said the company is formulating a plan to regularise its financial condition and to submit its regularisation plan to the relevant authorities for approval.
Meanwhile, SDHB has yet to announce its quarterly results for the financial period ended Dec 31, 2022, which it had previously said it would do by yesterday.
In an earlier statement, the company said it was unable to do so by the original deadline of Feb 28, attributing the delay to a “significant loss of manpower” and “critical personnel”.
“The board would like to stress that (it is) taking serious steps towards identifying suitable replacement candidates to rectify these issues,” it said.