Shareholders reject KNM’s proposed placement

The group had initially planned to place out 493.76 million placement shares, representing 50% of the total placement shares, to Gan Siew Liat, who is the executive vice-chairman and major shareholder of the company, and/or persons connected with her.

KUALA LUMPUR: KNM Group Bhd shareholders have rejected the proposed private placement of up to 987.52 million new shares, representing 30% of its share capital, to raise RM167.9mil.

In a filing with Bursa Malaysia, KNM said that 163 shareholders owning 333.94 million shares, representing 62.18% of the voted shares, had voted against the resolution at its EGM yesterday.