KNM calls off RM1bil Borsig sale

The KNM board said it will consider other methods of monetising its investment in Borsig, either through the sale of the company to other potential purchasers or revive a potential listing of Borsig on any other primary stock exchanges.

PETALING JAYA: KNM Group Bhd’s proposed sale of its entire stake in Borsig GmbH for €220.8mil (RM1.03bil) to Vorsprung Industries GmbH, formerly GPR Siebzigste Verwaltungsgesellschaft mbH, has collapsed leaving the debt-laden group to consider other options including a possible listing of the unit instead.

KNM, in a filing with Bursa Malaysia yesterday, stated the last extension sale date of Nov 30, 2022 for Borsig, a process equipment manufacturer based in Germany, passed without the closing of the transaction mainly due to financing issues.