KUALA LUMPUR: Serba Dinamik Holdings Bhd has appointed two new independent non-executive directors (INEDs) effective today to strengthen its board composition.
This follows the resignation of the company's chairman Datuk Illyas Mohamed and Johan Mohamed Ishak with immediate effect.
Both Illyas and Johan were appointed as INEDs of the integrated oil and gas (O&G) service provider on June 18.
In their resignation letters dated Nov 22 to Serba Dinamik board, the duo stated that the requirements imposed by Bursa Malaysia on the company had prohibited them from fairly discharging their duties as independent directors of the company.
The two new INEDs are Abu Bakar Uzir and Noor Azri Noor Azerai.
Currently a director of Abbaz Advisory Sdn Bhd, Abu Bakar has vast experiences in the full range of public accountancy services including audit, accountancy, taxation,secretarial, consultancy services and insolvency assignmentscovering a wide range of clients.
He holds a Bachelor degree with honours in Accountancy from Universiti Utara Malaysia is also an approved tax agent under the Finance Ministry and a member of the Chartered Tax Institute of Malaysia.
Abu Bakar is a chartered accountant of Malaysian Institute of Accountants, a certified financial planner of Financial Planning Association of Malaysia and currently pursuing a Chartered Secretary programme at the Malaysian Institute of Chartered Secretaries and Administrators.
Meanwhile, Noor Azri, who holds a Bachelor degree in finance investment and risk (Hons) from the London Institute of Banking and Finance is currently an executive director and deputy CEO of Bintai Kinden Corp Bhd since March and an INED at NWP Holdings Bhd since this month.
Following the latest appointment and resignation, Serba Dinamik will have four INEDs on its board with existing INED Datuk Seri Mohamed Farid Abu Hassan being elevated to the position of chairman.
Another existing INED Siti Zaleha Sulaiman will sit in the company's newly-composed audit and risk committee comprising Abu Bakar as chairman and non-independent non-executive director Datuk Abdul Kadier Sahib as well as the nomination and remuneration committee which is made up of Noor Azri and Abdul Kadier.
In a separate development, Serba Dinamik said it would be unable to issue its Annual Report 2021 for the financial period ended June 30, 2021 within the first time extension (EOT) of one month to Nov 30 as granted by Bursa on Oct 25.
The company had on Nov 23 sought additional EOT up to Dec 31 to issue the annual report.
However, its request for a second EOT to Bursa was rejected in a letter dated Nov 24 by the market regulator.
"The company wishes to announce that it will not be able to issue its Annual Report 2021 by the due date (Nov 30) as the AFS (audited financial statements) 2021 could not be finalised in time for inclusion in the Annual Report 2021 due to change of external auditor and the impact of restrictions in movement in Malaysia and overseas arising from the Covid-19 pandemic," Serba Dinamik said in a Bursa filing today.
Serba Dinamik will be submitting an appeal to Bursa in relation to the additional EOT.
"The company will work with its external auditor to expedite the finalisation of audit of the AFS 2021 and to issue the Annual Report 2021 as soon as possible before end-December 2021.
"The expected date of issuance of the outstanding Annual Report 2021 is Dec 31 this year," it said.
Serba Dinamik was last transacted at 35 sen at the close of the mid-day trading on Oct 22 prior to the trading suspension of its shares and warrants.
This gave the company a market capitalisation of RM1.31 billion.