KNM plans IPO, SPAC listing to unlock assets

In a filing with Bursa Malaysia yesterday, KNM said it is currently in discussions with advisers on a proposed injection for a combination of cash consideration and a certain percentage of shares in the SPAC, which is to be determined after the SPAC completed its due diligence on the selected subsidiaries.

PETALING JAYA: Debt-laden KNM Group Bhd is planning several corporate exercises that would see the listing of its crown jewel Borsig GmbH in Germany, and injecting its subsidiaries in a special-purpose acquisition company (SPAC), in a bid to improve its financial position.

In a filing with Bursa Malaysia yesterday, KNM said it is currently in discussions with advisers on a proposed injection for a combination of cash consideration and a certain percentage of shares in the SPAC, which is to be determined after the SPAC completed its due diligence on the selected subsidiaries.