This comes after its request for an extension to submit its Practice Note 17 (PN17) regularisation plan was turned down by Bursa Malaysia.

According to its filing with Bursa yesterday, Serba Dinamik has until Aug 23 to appeal against the delisting.

On Jan 6 last year, Serba Dinamik was classified under the PN17 category after its external auditor, Nexia SSY PLT, issued a disclaimer of opinion regarding its audited financial statements for the 18-month financial period ended June 30, 2021.

The auditor stated it had not been able to acquire adequate and appropriate audit evidence, preventing it from formulating an audit opinion on the said statements.

Serba Dinamik had previously requested and was granted extensions to present its regularisation plan aimed at rectifying its financial situation.

However, despite these extensions, the company was unable to meet the submission deadline.

In its most recent request for additional time on July 5, the company indicated that it was still in the process of developing the plan.

At present, Serba Dinamik’ securities have been suspended since December 2022 due to the company’s failure to submit its 2022 annual report.

The company’s shares were last traded at 2 sen, resulting in a market capitalisation of RM75 million for the company.

For the third quarter ended March 31, 2023, the company disclosed a net loss of RM972.91 million, surpassing the RM434.19 million loss incurred during the same quarter in the previous year.

This significant increase in losses can be attributed to a decline in revenue, which decreased from RM205.48 million to RM6.18 million.

The reduction in revenue was primarily caused by a decrease in operations and maintenance (O&M) activities in overseas markets.