MAA Group has substantial stake in KNM

MAA Group, which has a significant general insurance business, said in a filing with Bursa Malaysia yesterday, that the acquisition was a good investment relative to KNM’s net assets per share of 53 sen.For the financial year ended Dec 31, 2020, KNM posted a profit after tax of RM56.57mil and net assets of RM1.775bil.

PETALING JAYA: MAA Group Bhd has emerged as a substantial shareholder in KNM Group Bhd with a 7% stake.

MAA paid RM52.9mil for 233 million shares on the open market, at an average price of 22.7 sen per share, from Aug 3 to Sept 1, 2021.