KUALA LUMPUR, KNM Group Bhd’s largest shareholder, MAA Group Bhd, is seeking to hold an extraordinary general meeting (EGM) to approve the sale of KNM’s German unit, Deutsche KNM GmbH (DKNM), even after Bursa Malaysia rejected the group’s plan to exit PN17 status.
The proposed €270 million (RM1.34 billion) deal involves KNM’s wholly owned subsidiary, DKNM, and is seen as a key move to reduce debt and refocus the company’s operations. However, the sale would leave KNM with only its Malaysian units, which have been unprofitable since 2024 and are expected to generate just RM4.21 million in revenue in 2025.
Bursa Malaysia’s rejection cited KNM’s inability to show sustainable earnings and a credible turnaround strategy. The exchange will suspend KNM shares on Oct 13, with potential delisting on Nov 5 unless the company appeals by Nov 2.
MAA Group, led by Datuk Tunku Yaacob Khyra, who holds a 19.375% stake in KNM, appears determined to push the German unit sale forward. KNM, under PN17 since October 2022, has undergone internal restructuring, blocked a takeover attempt, and secured a temporary court order in September 2025 to protect its assets pending a May 2026 appeal hearing.
Separately, KNM filed for court approval of its debt-restructuring plan on Sept 26, 2025, following creditor approval in August. The court will hear the case on Oct 24, with potential outcomes including binding approval for all creditors or forced asset sales or liquidation. KNM shares closed unchanged at 0.5 sen, valuing the group at RM20.23 million, down 92.86% year-to-date.
