Shareholders shoot down KNM's private placement plan

KUALA LUMPUR: KNM Group Bhd's proposal to place out 987.5 million new shares has been rejected by its shareholders at the company's EGM today.

The oil and gas services firm said 163 shareholders owning a combined 334 million shares, or 62% of the company's voting shares have voted against the fund raising scheme.

Meanwhile, 115 shareholders owning 203 million shares (37.8%) supported the plan.

KNM, in May, has proposed to issue up new shares of up to 30% of its share capital to raise RM168mil mainly to pare down debts.

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