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aws试用账号(www.2km.me)_Serba Dinamik takes another hit

admin2021-11-1421

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The downgrade follows the confirmation from Serba Dinamik that it missed the interest payment on its 2022 senior unsecured sukuk and entered a 30-day grace period.

PETALING JAYA: Fitch Ratings has downgraded Serba Dinamik Holdings Bhd’s long-term issuer default rating to C from CCC-, on the same day TA Securities Research ceased its coverage on the energy-service provider.

The downgrade follows the confirmation from Serba Dinamik that it missed the interest payment on its 2022 senior unsecured sukuk and entered a 30-day grace period.

Fitch Ratings has also downgraded the ratings on the senior unsecured sukuk due May 2022 and March 2025 to C from CCC-, with the recovery rating remaining at RR4.

Failure to make the payment after the grace period will constitute an event of default.

“The recovery analysis assumes that Serba Dinamik would be reorganised as a going-concern in bankruptcy rather than liquidated.

“We have assumed a 10% administrative claim.

“The going-concern earnings before interest, tax, depreciation and amortisation (Ebitda) estimate reflects Fitch’s view of a sustainable, post-reorganisation Ebitda level upon which we base the enterprise valuation.

“We estimate Ebitda at RM660mil, which considers Ebitda in 2018 to 2019, and factors in queries raised by KPMG over the earnings quality from certain customers, including inventory and receivables,” according to Fitch Ratings in a statement yesterday.

The rating agency pointed out that Serba Dinamik was not able to meet its semi-annual coupon payment due on Nov 9, 2021 for its United States dollar sukuk maturing in May 2022 and the company has entered the 30-day grace period.

Nonetheless, Fitch Ratings noted that Serba Dinamik plans to pay the coupon within the grace period with cash collected from customers.

Issues emerged in Serba Dinamik back in late May after the group announced its previous external auditor KPMG highlighted questionable transactions worth RM4.5bil.

Following this, Bursa Malaysia had instructed Serba Dinamik to appoint Ernst & Young Consulting Sdn Bhd (EY Consulting) to undertake a special independent review on the matter raised by KPMG.

However, after more than four months since the appointment of EY Consulting, no report has been released, causing Bursa Malaysia to suspend Serba Dinamik’s securities until further notice.

Over this period, Serba Dinamik had resorted to legal actions against KPMG, Bursa Malaysia and EY Consulting.


转载说明:本文转载自Sunbet。

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