KUALA LUMPUR: Serba Dinamik Holdings Bhd, once a darling of the local stock market, will be delisted tomorrow.
Bursa Malaysia will proceed with Serba Dinamik's listing after dismissing a final appeal from the oil and gas outfit.
Serba Dinamik, in a bourse filing today, said it had received a letter from Bursa that the appeals committee's decision was final.
As a result, the company will be delisted on Wednesday as scheduled.
The stock has been suspended from trading since Jan 18 last year.
Bursa notified Serba Dinamik last week that it would be delisted on June 5 after rejecting its request for an additional six months to submit a regularisation plan.
Serba Dinamik was required to submit the plan by May 15 but failed to meet the deadline.
That was the second extension granted to the group after previously missing its initial July 5 2023 deadline.
Serba Dinamik was originally supposed to submit the plan in January 2023 but was granted a six-month extension.
Serba Dinamik made its debut on Bursa's Main Market on Feb 8, 2017.
It marked one of Malaysia's largest initial public offerings (IPOs) then, having been priced at RM1.50 that valued the company at RM2.01 billion based on its issued base of 1.34 billion shares.
Serba Dinamik was classified as a cash-strapped Practice Note 17 company in January 2022 after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.
