Bursa Malaysia Securities Bhd has filed a suit to block an extraordinary general meeting to approve the sale of KNM Group Bhd’s German subsidiary Deutsche KNM GmbH (DKNM).
In a bourse filing yesterday, KNM said Bursa Securities had filed an originating summons in the Kuala Lumpur High Court against MAA Group Bhd, CIMSEC Nominees (Tempatan) Sdn Bhd, KNM and its subsidiary KNM Process Systems Sdn Bhd.
The regulator is seeking an order to prevent MAA and CIMSEC Nominees – the first and second defendants – from convening the EGM to discuss or move the proposed special resolution on DKNM’s disposal until Bursa’s Main Market Listing Requirements have been met.
MAA, KNM’s largest shareholder with a 19.37% stake, has called for the EGM to be held on Oct 30. MAA is led Tunku Yaacob Khyra, a member of the Negeri Sembilan royal family.
MAA is…