Bursa says suit against KNM, MAA to safeguard market integrity
Bursa Malaysia Securities (Bursa Securities) said it initiated a suit against soon-to-be-delisted KNM Group Bhd and its major shareholder MAA Group Bhd to “protect market integrity”.
It filed an originating summons on Monday seeking to prevent the convening of an extraordinary general meeting (EGM) to deliberate on the proposed disposal of KNM’s German subsidiary Deutsche KNM GmbH (DKNM).
It said the legal action was initiated due to concerns over the manner in which the resolution on the disposal was proposed by MAA, which had called for the EGM to be held on Oct 30.
“Bursa Securities is of the view that the resolution does not comply with the disclosure and approval requirements under the Main Market Listing Requirements, including the necessary clearance from Bursa Securities.”
The exchange regulator stated it remains committed to…
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