Serba Dinamik's counsel Mak Lin Kum also informed the court that a scheme of arrangement was also filed on Friday. It is understood that four subsidiaries of Serba Dinamik and the parent company had filed for a scheme of arrangement and they are SD Controls Sdn Bhd, Serba Dinamik Development Sdn Bhd, Serba Dinamik Group Bhd (SDGB), and Serba Dinamik Sdn Bhd (SDSB). It is understood the scheme of arrangement will be fixed before another High Court (commercial division) on Thursday. The subsidiaries were Serba Dinamik International Ltd (SDIL) based in Labuan, SDSB, and SDGB. The creditors have proposed Victor Saw Seng Kee, a licensed liquidator of PricewaterhouseCoopers Advisory Services Sdn Bhd, to act as liquidator of Serba Dinamik, SDGB, SDSB and SDIL.

Source: The Edge Markets May 19, 2022 02:49 UTC