Borsig sale to provide lifeline for KNM

Expansion plan: KNM will allocate RM5.04mil from the sales proceeds for operating expenses for its bio-ethanol plant in Thailand, including for utilities, purchase of crops and equipment maintenance.

AFTER much deliberation by KNM Group Bhd about how it would seek to get back on track, especially in fixing its mounting debt, a decision has been made to flog off its prized asset.

The company is proposing to sell its wholly owned unit, Germany-based Borsig Group for €220.8mil (RM1.03bil).