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PETALING JAYA: Serba Dinamik Holdings Bhd’s application for a second extension of time for the issuance of its annual report for the financial period ended June 30, 2021 to a due date of Dec 31, 2021 has been rejected by Bursa Malaysia.

It had sought the additional extension on Nov 23, 2021 as it could not finalise the audited financial statements for the period due to a change in external auditors and the impact of the movement restriction attributed to the Covid-19 pandemic. Previously, the bourse had granted the group permission to issue the annual report by Nov 30, 2021.

In its filing with the exchange, Serba Dinamik opined that the auditor should be given adequate time to perform their statutory obligations without interference and time constraints to ensure audit works can be conducted effectively and sufficiently.

“As a result of the dilemma circumstances, the company has decided to uphold the compliances with the approved auditing and accounting standards by allowing the auditor to perform their duties without interference and time constraints,” it told Bursa Malaysia yesterday.

The group will submit an appeal to the exchange in relation to the additional extension of time.

“The company will work with its external auditor to expedite the finalisation of audit of the financial statements and to issue the annual report 2021 as soon as possible before the end of December 2021. The expected date of issuance of the outstanding annual report 2021 is Dec 31, 2021,” Serba Dinamik said.

Earlier this month, Serba Dinamik had taken legal action against Bursa Malaysia in view of the stock exchange’s directive to conduct a special independent review and to disclose the findings of the review. Bursa has suspended trading of Serba Dinamik’s securities since Oct 22 for failing to furnish details of the updates on the special independent review. Bursa is also seeking a court order to compel Serba Dinamik to reveal the findings of the special independent review.

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