by Amruth Sundarkumar | Dec 16, 2021 | Distressed / Defaulted Bonds, Southeast Asia
Serba Dinamik confirmed the default on its $222.22mn sukuk and revealed that the incident may affect the group’s financial performance. As per Bursa Malaysia, the sukuk holders are entitled to seek compensation for 25% of the aggregate face value of the sukuk which...
by Amruth Sundarkumar | Dec 13, 2021 | Distressed / Defaulted Bonds, Southeast Asia
S&P downgraded Malaysia’s Serba Dinamik to D from CC following the latter’s failure to pay its $7mn missed coupon payment after a 30-day grace period ended on December 9, 2021, constituting an event of default. S&P said that it believes the default...
by Amruth Sundarkumar | Dec 10, 2021 | Distressed / Defaulted Bonds, Southeast Asia
Serba Dinamik appears to have defaulted on the RM29.54mn ($7mn) coupon payment due yesterday as per the Malaysian Reserve news site. Custodians of Serba Dinamik’s bondholders have informed trustee HSBC of a default trigger in the event of a dissolution. The default...
by Amruth Sundarkumar | Dec 1, 2021 | Corporates, Southeast Asia
Serba Dinamik reported a net loss of MYR 42mn ($10mn) in the quarter ended September 2021. This was Serba Dinamik’s first quarterly loss since its listing on Bursa in 2017. The company cited “corporate expenses and consolidation elimination of MYR 107.9...
by Amruth Sundarkumar | Nov 15, 2021 | Corporates, Credit Ratings, Distressed / Defaulted Bonds
Serba Dinamik was downgraded by both S&P and Fitch to CC and C, from CCC and CCC- respectively. The downgrade from both rating agencies come after confirmation from Serba Dinamik that it missed the $7mn coupon payment on its 6.3% Sukuk due May 2022 post which it...
