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KUALA LUMPUR: Serba Dinamik Holdings Bhd yesterday retracted its special notice to convene an EGM for the proposed removal of external auditor KPMG PLT and the appointment of a new auditor, BDO PLT, issued by its director and majority shareholder, Datuk Abdul Kadier Sahib.

The group’s board yesterday received a withdrawal notice from Abdul Kadier for the special notice issued last Friday.

“The board has accepted the withdrawal notice and in view of the development, the matter is now considered closed,” Serba Dinamik said in a Bursa filing.

Earlier, Malaysia’s largest fund manager Permodalan Nasional Bhd (PNB) said it was deeply concerned by developments at Serba Dinamik.

The comments from PNB, Serba Dinamik’s fifth-biggest shareholder, follow the revelation last week that its auditor KPMG had not been able to verify contracts and transactions totalling RM3.5 billion with 11 clients, prompting an investigation by the Securities Commission.

Serba Dinamik, an oil and gas services firm, has rejected those concerns and said there are no issues with the contracts. It plans to appoint an independent firm to review the issues.

“PNB has informed the Serba Dinamik board of directors of the firm’s deep concern about recent developments,” the fund manager told Reuters.

It also said there is no merit in removing the appointed auditor before they finish the annual audit, adding it reserves its right to vote against any resolution to replace the current auditor.

KPMG, in its first public comments on the matter, told Reuters it remained in communication with Serba Dinamik but declined to comment further.

Shares of Serba Dinamik have lost about 46% of their value so far this week.

The stock closed 1.2% lower yesterday at 82.5 sen with 418.13 million shares changing hands. – Reuters

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