KNM to dispose of Borsig in RM1.03bil deal

KUALA LUMPUR: KNM Group Bhd's subsidiary Deutsche KNM GmbH (DKNM) has entered into an agreement with GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for the proposed disposal of 100% equity interest in Borsig GmbH for a consideration of EUR220.8mil (RM1.03bil).

The sale comes as no surprise as the cash-strapped group has been working towards the monetisation of Borsig, which will go towards addressing its financial constraints.