Serba Dinamik Appeals Winding Up Order

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Yesterday, the High Court granted a petition by six financial institutions to wind up Serba Dinamik Holdings Bhd and its three subsidiaries.KUALA LUMPUR: The board of directors of Serba Dinamik Holdings Bhd has filed an appeal against the High Court’s decision to wind up the company and its three subsidiaries.
In a statement, the company said it also filed an appeal against the High Court’s decision yesterday to reject its application to adjourn the winding-up hearing.
“The board wishes to further inform that the company’s wholly owned subsidiary, Serba Dinamik International Ltd (SDIL) would be applying to set aside the High Court’s decision to wind up SDIL. The board has received advice that the order to wind up SDIL was made ultra vires,” the company said.
Meanwhile, Serba Dinamik said the board has instructed its solicitors to file an application to stay the High Court’s order to wind up the company, to ensure the continuation of the company’s business pending a decision from the Court of Appeal.
“The board has also instructed its solicitors to file an application to stay the winding-up of SDIL pending the hearing of the application to set aside the winding-up order made against SDIL,” the company said.
Serba Dinamik filed an application to adjourn the winding-up petition hearing at the High Court yesterday on the basis that, among others, it was informed by the group’s associate company that it was prepared to sell its stake or assets for an estimated net proceeds of US$700 million.
The company said SDIL’s share of the sale proceeds can be used to pay the group’s debts.
“There is an active negotiation with the prospect on the proposed sale. With due respect, Serba Dinamik’s board takes the position that an adjournment of the hearing would allow the parties, including the interim liquidator, to deliberate on the proposed sale.
“The board trusts that an orderly sale of the assets of the company and its group will maximise return to the creditors of the group.
“Based on the aforesaid, the board would be exercising its residuary powers to appeal the High Court’s refusal to allow an adjournment of the hearing,” it said.
Yesterday, judicial commissioner Ahmad Murad Abdul Aziz allowed a petition filed by six financial institutions to wind up Serba Dinamik and its subsidiaries, SDIL, Serba Dinamik Group Bhd and Serba Dinamik Sdn Bhd.
The six financial institutions acting as the suit’s petitioners are Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd, and Bank Islam Malaysia Bhd.
The four companies are said to have debts totalling RM5 billion. - FMT

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