KNM Group Bhd is optimistic the sale of its foreign assets will enable it to pare down its huge debt and provide it with RM100 million to revive its domestic business.
Key to its debt restructuring plan to exit its Practice Note 17 (PN17) status is getting the approvals to sell its German subsidiary, Deutsche KNM GmbH (DKNM), to Japan’s NGK Insulators Ltd for €270 million (RM1.33 billion).
The oil and gas services provider secured High Court approval earlier this month to sell DKNM. It is also seeking Bursa Malaysia’s nod to proceed with the disposal, but this is by no means a done deal.
KNM has confirmed it will hold an extraordinary general meeting on Oct 30 for shareholders to vote on the DKNM sale, as requested by its major shareholder MAA Group Bhd.
The group is led by KNM’s largest shareholder Tunku Yaacob Khyra, a member of the Negeri…