KNM

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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS KNM GROUP BERHAD ("KNM" OR "THE COMPANY") PROPOSED DISPOSAL OF 100% EQUITY INTEREST IN FBM HUDSON ITALIANA S.p.A. BY KNM EUROPA BV, A SUB-SUBSIDIARY OF KNM ("PROPOSED DISPOSAL")

KNM GROUP BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
KNM GROUP BERHAD ("KNM" OR "THE COMPANY") 

PROPOSED DISPOSAL OF 100% EQUITY INTEREST IN FBM HUDSON ITALIANA S.p.A. BY KNM EUROPA BV, A SUB-SUBSIDIARY OF KNM ("PROPOSED DISPOSAL")

Reference is made to KNM’s announcement dated 19 January 2022 in relation to the Proposed Flotation of FBM Hudson Italiana S.p.A. and FBM-KNM FZCO (collectively as the “FBM Group”) on Catalist, the sponsor-supervised board of the Singapore Stock Exchange Securities Trading Limited (SGX-ST) by way of an initial public offering (IPO), which had been aborted as it was deemed not feasible to be carried through.

 

As such given the financial state of FBM Group, which needs immediate restructuring and investment, and the current lack of resources at the holding company level, KNM, a disposal at the best price under the current circumstances would be the best solution.

 

Based on the foregoing, the Board of Directors of KNM wishes to announce that on 26 May 2023, KNM Europa B.V. (Company No.: 34245340) (“KNME”), a wholly owned subsidiary of KNM Process Systems Sdn Bhd (Registration No.: 200140-X), which in turn is a wholly owned subsidiary of KNM Group Berhad, had accepted an offer in principle from British Midland FZE, a company organized and existing under the laws of UAE, registered at Companies’ Registry with number 10718 (“BMFZE” or the “Purchaser”), for the disposal of 100% equity interest held in FBM Hudson Italiana S.p.A. at an indicative consideration equal to Euro 12,000,000.00 (Twelve Million Only) on a willing seller willing buyer basis.

 

None of the directors and/or major shareholders of KNM and/or persons connected to them have any interest, direct or indirect, in the Proposed Disposal.

 

The detailed announcement on the Proposed Disposal in accordance with Chapter 10 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad will be made upon execution of the sale and purchase agreement between KNME and the Purchaser later which is dependent upon the completion of a satisfactory due diligence to be carried out on FBM Hudson Italiana S.p.A. by BMFZE within three (3) weeks from 26 May 2023.

 

This announcement is dated 26 May 2023.






Announcement Info

Company Name KNM GROUP BERHAD
Stock Name KNM
Date Announced 26 May 2023
Category General Announcement for PLC
Reference Number GA1-26052023-00017