Serba fails to sustain intraday high in Bursa debut

Kuala Lumpur

OIL and gas engineering solutions provider Serba Dinamik Holdings Bhd rose to an intraday high of RM1.59 or 6 per cent upon its debut on the main board of Bursa Malaysia on Wednesday, but shed most of its gains to close only two sen higher amid a lacklustre market and continuing investor cautiousness towards the sector.

At any other time, investors would have leapt at the opportunity to own the stock, given valuations as high as RM2.25 against its offer price of RM1.50 apiece.

Moreover, analysts saw a number of positives going for Serba including a track record of over 23 years providing rotating equipment MRO (maintenance, repair and overhaul) services for the O&G and power sectors; a strong and experienced management led by co-founder Mohd Abdul Karim Abdullah, its 28 per cent owner and group managing director cum chief executive; and an international presence in a number of …