KUALA LUMPUR: Serba Dinamik’s share price hit a fresh low of 32 sen in late morning trade on Monday as it continued to come under selling pressure following the negative newsflow.
At 11.01am, the FBM KLCI was down 16.66 points or 1.07% to 1, 543.02. Turnover was 2.45 billion shares valued at RM1.07bil. Decliners hammered advancers more than eight to one or 869 losers to 110 gainers while 290 counters were unchanged.
Serba Dinamik fell five sen to 36 sen, There were 399 million shares traded at prices ranging from 32 sen to 40.5 sen.
Serba Dinamik-WA fell 0.5 sen to eight sen.
SCIB also came under some selling pressure, down 4.5 sen to 54.5 sen while KPower eight sen lower at 66.5 sen.
Serba Dinamik posted its first ever earnings disappointment in its fifth quarter ended March 31, 2021 while the unfolding recent events have placed the group’s corporate governance under intense scrutiny, Kenanga Investment Bank Research said.
“Following the group’s decision to bring KPMG to court, KPMG had since resigned as the group’s external auditors, citing that the legal action had compromised the auditor’s ability to independently continue its audit.
“In protest against this, the group on Friday lost almost half of its board members, with five of its independent non-executive directors resigning, ” it noted.