In a filing with Bursa Malaysia today, Serba Dinamik confirmed that Bursa Securities had on Nov 1, 2023, sent a letter to the company informing that its request for an extension of time has been rejected.

The Practice Note 17 (PN17) status company said it will file an appeal against the rejection with Bursa Securities.

On Oct 17, Serba Dinamik submitted its application for another three-month extension until Jan 15, 2024 to submit its FY2023 annual report. The initial deadline to submit the annual report was Oct 31, 2023.

“The delay in the issuance of the FY2023 annual report is due to delay in the commencement of the statutory audit as a result of manpower shortages across various administrative departments caused by workforce attrition and financial constraints,” it said in the filing.

The company slipped under the PN17 classification in January 2022 following a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021, by external auditors Nexia SSY PLT.

For FY2023, Serba Dinamik reported a widened net loss of RM1.3 billion compared to a year ago, while revenue fell by 70% to RM403.23 million from RM1.35 billion previously.

It attributed it to a decline in its engineering, procurement, construction, commissioning and information and communication technology activities.

The counter had been suspended since January this year in respect of a winding-up order by six financial institutions against it, and last traded at 2 sen per share.