KUALA LUMPUR (May 9): Brokers have demanded cash upfront for purchase of beleagured Serba Dinamik Holdings Bhd securities which resume trade on Monday (May 9). Bursa Malaysia Securities Bhd had announced that the trading suspension of Serba will be lifted and trading will resume with effect from 9am on Monday. In a note to its clients, Affin Hwang Investment Bank said that effective Monday, the cash upfront requirement shall be imposed on any buy orders for Serba and its warrants. Meanwhile, in an email to Kenanga remisiers, they were told that "due to the uncertainties of Serba Dinamik's financial condition and the Special Independent Review, with effects from Monday (May 9), purchases involving Serba Dinamik's securities are not permitted except with 100% CASH UPFRONT prior trade execution". Read also:PDT and IDSS of Serba Dinamik securities suspendedSC compounds Serba Dinamik, top execs RM3 mil each for submitting false revenue that KPMG flaggedSerba Dinamik and executive officers’ representation conditionally accepted by AG's ChambersMalaysian Bar warns AGC that Serba Dinamik compound sets ‘dangerous precedent’
