PETALING JAYA: Serba Dinamik Holdings Bhd said it is working towards resolving the coupon payment which it missed due on its US$300mil (RM1.25bil) sukuk on Nov 9.

       “Yes. We will resolve this within the time frame allowable legally,” managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah told StarBiz without elaborating further.

       The sukuk is a three-year senior unsecured sukuk with a 6.3% annual profit rate, payable twice a year and will mature on May 9, 2022.

       The non-payment, it is understood, does not constitute a breach as the bond covenant allows a 30 days grace period for the issuer to make good on the payment, failing which it will then trigger an official default.

       The sukuk due in 2022 was issued by Serba Dinamik’s wholly-owned indirect unit, SD International Sukuk Ltd.

       Serba Dinamik, which provides integrated engineering, contracting, and maintenance services, has been in the news following a complex turn of events since its audit issues came to light mid this year.

       On Wednesday, the company initiated legal action against EY Consulting after dragging former external auditor KMPG and stock market regulator Bursa Malaysia to court.

       EY was appointed in July to undertake a special independent review on the company’s financials.