KUALA LUMPUR (Nov 1): Serba Dinamik Holdings Bhd said on Tuesday (Nov 1) that it has been granted an extension of time to issue its annual report for the financial year ended June 30, 2022 (FY22).

However, the extension of time given by Bursa Malaysia Securities to the financially troubled oil and gas services provider is only until Dec 15, instead of Jan 31, 2023, as sought by Serba Dinamik on Monday (Oct 31).

The group was required to issue the report to Bursa Malaysia and shareholders within four months from the close of the financial year, which fell on Monday.

Serba Dinamik in a filing on Monday said it could not issue the report in time due to a delay in the completion of audit by the external auditors for the FY22 financial statements.

For FY22, the Practice Note 17 (PN17) company recorded a net loss of RM1.09 billion, on revenue of RM1.35 billion. There are no comparison figures due to the group’s change in financial year end to June 30, from Dec 31.

In a separate filing on Tuesday, Serba Dinamik said it is looking into formulating a plan to regularise its financial condition, noting that it has approximately two months to submit its regularisation plan to the relevant authorities for approval.

“The company will make the necessary announcement on the regularisation plan, in accordance with the requirements under PN17,” it said.

Serba Dinamik slipped into PN17 status in January, after its external auditor Nexia SSY PLT expressed a disclaimer of opinion over its audited financial statements for the 18-month financial period ended June 30, 2021.

Nexia had said that a number of factors had constrained its completion of the group’s audit, including the non-availability of a report on an independent review conducted by Ernst & Young Consulting Sdn Bhd.

Serba Dinamik’s share price settled unchanged at two sen on Tuesday, bringing the group a market capitalisation of RM74.5 million.

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