KUALA LUMPUR: Practice Note 17 (PN17)-status company KNM Group Bhd
is still in the midst of formulating the plan to regularise its financial condition, it announced to Bursa Malaysia today.
This follows KNM’s announcement on Dec 17, 2024, that wholly-owned subsidiaries Borsig GmbH and Deutsche KNM GmbH as well as other companies in the Borsig Group have entered into a new replacement facility agreement with Landesbank Baden-Württemberg and other participating financial institutions.
This credit facility will ensure the Borsig Group is able to continue with its operations as normal.
KNM also said it is in the process of identifying a replacement for its former principal adviser M&A Securities Sdn Bhd which resigned on Oct 22, 2024.
In its 2023 annual report issued in April 2024, the loss-making company said M&A Securities Sdn Bhd was appointed as the principal adviser to help formulate a regularisation plan to be submitted to Bursa Malaysia.
In November last year, Bursa Malaysia Securities had granted KNM an extension of time of six months up to April 30, 2025, to submit its regularisation plan to the regulatory authorities.
On Oct 31, 2022, the company became an affected listed issuer under PN17 pursuant to Paragraph 8.04 and Paragraph 2.1(e) of PN17 of the Main Market Listing Requirements of Bursa Malaysia Securities.
Meanwhile, in a separate filing, another PN17 company Meridian Bhd said it is also working on a regularisation plan to address its financial condition.
The property developer said Bursa Malaysia has granted an extension of time up to March 25, 2025, to submit the plan to the relevant regulatory authorities.
"Further details will be announced as and when there is any development on the above matter,” it added. - Bernama
