Serba Dinamik to Seek High Court Authorization for Resolution of Payment Obligation | Malaysia

The company responds to inquiries from creditors and its business partners regarding the liquidation requests of SDHB and its group of companies. —Photo Reuters

KUALA LUMPUR, May 10 – Serba Dinamik Holdings Bhd (SDHB) is taking steps to seek permission from the High Court to allow the company to convene one or more court-convened creditors’ meetings to present one or more creditor schemes. arrangement to seek a constructive resolution to the payment obligation of the company and its subsidiaries.

The company responds to inquiries from creditors and its business partners regarding the liquidation requests of SDHB and its group of companies.

He said the proposed plan of arrangement would direct 100% of the amounts to the creditors of the Serba Dinamik group, including the petitioners.

The liquidation petitions were served by HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, MIDF Amanah Investment Bank Bhd, Standard Chartered Saadiq Bhd and United Overseas Bank (Malaysia) Bhd.

“The company is confident that an effective liquidation of SDHB, Serba Dinamik Group Bhd (SDGB), Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik International Ltd (SDIL) could be avoided once the draft proposed scheme is finalized. available to creditors,” he said in a filing with Bursa Malaysia today.

At this point, SDHB said the company and its group of companies have sufficient operating cash flow capacity to continue to perform existing contractual obligations for non-borrowing contracts.

“The company will make further announcements as there are significant developments on the above matter,” he said.

Meanwhile, the company said it received Bursa Malaysia Securities Bhd’s request for further information on the syndicated lenders’ liquidation requests yesterday.

He said the additional information relates to details of the claim in the petition, including the amount claimed, the interest rate and details of the default or circumstances leading to the filing of the liquidation petition against SDHB and its group of companies.

“It is the contention of the syndicated lenders, among others, that the company is not paying the sum of RM99 million under the main Murabahah agreement dated December 17, 2019 and the main additional Murabahah agreement dated February 12, 2022 December 20, 2021.

“The syndicated lenders argue that the failure to meet contractual obligations by the company and its subsidiaries resulted in the publication of an acceleration notice dated March 18, 2022 stating that the total outstanding amount was 1.78 billion of RM and 42,376.67 USD (185,758 RM). ,” It said.

The company also stated that SDGB remains the company’s wholly owned subsidiary, while SDSB and SDIL are the wholly owned subsidiaries of SDGB.

“The total investment cost in each of these subsidiaries was SDGB (RM531.80 million); SDSB (RM49.55 million); and SDIL (RM219.09 million),” he said.

The company and its subsidiaries were notified of the liquidation requests on April 28, 2022.

Liquidation motions have been set for July 1, 2022 case handling and July 6, 2022 hearing. — Bernama

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Elaine R. Knight