AIRLINK 69.40 Decreased By ▼ -3.66 (-5.01%)
BOP 4.90 Decreased By ▼ -0.19 (-3.73%)
CNERGY 4.24 Decreased By ▼ -0.13 (-2.97%)
DFML 31.66 Decreased By ▼ -0.79 (-2.43%)
DGKC 76.82 Increased By ▲ 1.33 (1.76%)
FCCL 19.97 Increased By ▲ 0.45 (2.31%)
FFBL 34.93 Decreased By ▼ -1.22 (-3.37%)
FFL 9.12 Decreased By ▼ -0.10 (-1.08%)
GGL 9.80 Decreased By ▼ -0.05 (-0.51%)
HBL 112.66 Decreased By ▼ -4.04 (-3.46%)
HUBC 132.80 Increased By ▲ 0.11 (0.08%)
HUMNL 6.95 Decreased By ▼ -0.15 (-2.11%)
KEL 4.19 Decreased By ▼ -0.22 (-4.99%)
KOSM 4.25 Decreased By ▼ -0.15 (-3.41%)
MLCF 36.45 Increased By ▲ 0.25 (0.69%)
OGDC 132.94 Decreased By ▼ -0.56 (-0.42%)
PAEL 22.50 Decreased By ▼ -0.10 (-0.44%)
PIAA 24.20 Decreased By ▼ -1.81 (-6.96%)
PIBTL 6.46 Decreased By ▼ -0.09 (-1.37%)
PPL 116.40 Increased By ▲ 1.09 (0.95%)
PRL 25.88 Decreased By ▼ -0.75 (-2.82%)
PTC 13.03 Decreased By ▼ -1.07 (-7.59%)
SEARL 51.95 Decreased By ▼ -1.50 (-2.81%)
SNGP 67.50 Increased By ▲ 0.25 (0.37%)
SSGC 10.54 Decreased By ▼ -0.16 (-1.5%)
TELE 8.23 Decreased By ▼ -0.19 (-2.26%)
TPLP 10.79 Increased By ▲ 0.04 (0.37%)
TRG 59.21 Decreased By ▼ -4.66 (-7.3%)
UNITY 25.14 Increased By ▲ 0.02 (0.08%)
WTL 1.27 No Change ▼ 0.00 (0%)
BR100 7,391 Decreased By -70.2 (-0.94%)
BR30 23,921 Decreased By -250.4 (-1.04%)
KSE100 70,683 Decreased By -419.1 (-0.59%)
KSE30 23,253 Decreased By -142 (-0.61%)
Business & Finance

Serba Dinamik says audit flags issues with deals involving $847mn

  • KPMG noted that it was not able to verify contracts and transactions with 11 customers, Serba Dinamik said in a stock exchange filing on Friday.
  • The deals amounted to total sales transactions of 2.3 billion ringgit, trade receivables balance of 652 million ringgit and materials on site balance of 569 million ringgit, the company said.
Published May 29, 2021

KUALA LUMPUR: Malaysian oil and gas services firm Serba Dinamik Holdings Bhd said its auditor has raised issues with sales deals involving over 3.5 billion ringgit ($847.05 million).

KPMG noted that it was not able to verify contracts and transactions with 11 customers, Serba Dinamik said in a stock exchange filing on Friday.

The deals amounted to total sales transactions of 2.3 billion ringgit, trade receivables balance of 652 million ringgit and materials on site balance of 569 million ringgit, the company said.

Serba Dinamik said it did not see any issues with the deals and that it plans to appoint an independent firm to "review the accuracy and veracity" of the issues raised by KPMG.

"The company takes the view that there is no issue with regards to the legitimacy and existence of the contracts as well as the value that will render any material impact to the financial and operational aspects of the group for the financial year ending June 30," it said.

Serba Dinamik shares have been suspended since it revealed on Tuesday that its external auditors had flagged some matters related to statutory audit, without providing any detail.

Comments

Comments are closed.