Tunku Yaacob welcomes the call for an EGM, saying that it will prove the confidence of majority shareholders in the current board of directors.
KUALA LUMPUR: A group of KNM Group Bhd
shareholders planning to take over the company’s leadership, led by German billionaire and substantial shareholder Andreas Heeschen, has dismissed speculation that they would sell KNM’s crown jewel, the Borsig Group.
In a joint statement today, the group said instead, they plan to grow KNM to its fullest potential, with the new board’s plan being the turning point and would introduce sustainable growth over the next five years.
They said the plan includes the injection of capital and assets, significant investments, upgrades in professional management, cross-border transactions, cooperation with inter-governmental bodies, partnerships with Fortune 500 companies, and financial engineering.
"These are some examples of how resourceful and connected our new board is. We aim to leverage the company’s existing assets and human capital to tap into emerging opportunities in renewable energies and engineering at unprecedented levels,” the group said.
The group has called for a special extraordinary general meeting (EGM), which has been scheduled for Oct 16, 2023.
The EGM proposes the appointment of Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar, Andreas, Edwin Silvester Das, Datuk Zaidi Mat Isa, William H Van Vliet III, Flavio Porro, and Dauk Abd Ghani Yusof as new directors.
"Our first goal when we are on board is debt repayment via bridging loan, special issuance of bond, inter-government financing, appropriate corporate exercise or combination of the above.
"Until after EGM, we wish to send all creditors and stakeholders a reassuring message of continuity, meaning that the new leadership will not disrupt or delay the currently already taken decisions until, only when, a better solution (under the timeframe and the financial standpoint of view) shows up in the starting blocks,” they said.
On their global rehabilitation plan, the group said they foresee a steady growth of 10-15 per cent per annum in Borsig Group, new businesses from new networking, an unprecedented synergetic approach, and new markets.
The group said they would also look at the plan to liquidate FBM Hudson for 22 million euros (RM109.5 million), a value which, in their opinion, reflects the vertical and unprecedented decline experienced by FBM over the last ten months.
"As far as FBM Hudson is concerned, the new leadership will have to meet at first the announced potential buyer and understand the next course of action; there is a diversity of opportunities to the very benefit of all interested parties.
"If we take over the board, we intend to set up a crystal-clear strategy which is to settle the debt of KNM with fundraising options at hand, exit Practice Notice 17, keep and enhance the key assets, revitalise those assets in need of capital expenditure and sustain a long-term growth,” the shareholder group added. - Bernama
