The announcement came after the High Court dismissed Serba Dinamik’s application for the permanent stay of the winding up petition earlier on the same day. The petition for the winding up was made against Serba Dinamik and three of its subsidiaries — Serba Dinamik International Ltd, Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd — by six financial institutions. The six 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 over the non-payment of debts totalling about RM5 billion. The RM5 billion included the US$500 million (RM2.13 billion) sukuk, on which Serba Dinamik had defaulted. Read also:High Court refuses permanent stay order against winding up of Serba Dinamik, three units pending appealHigh Court allows winding-up of Serba Dinamik, three subsidiaries

Source: The Edge Markets March 18, 2023 02:05 UTC