KUALA LUMPUR: Practice Note 17 (PN17) company KNM Group Bhd
will be delisted from the official list of Bursa Malaysia Securities Bhd on Nov 5, following the rejection of its regularisation plan by the stock exchange.
In a filing with Bursa Malaysia, KNM said it has decided to withdraw its appeal against the delisting decision and has submitted a formal notification to Bursa Malaysia Securities.
"Following the withdrawal of the appeal, the company will abide by the decision. Accordingly, KNM’s securities will be delisted from the official list of Bursa Securities with effect from Nov 5,” it said.
The company said the decision was made after careful deliberation by the board, taking into account the best interests of all stakeholders, including shareholders, creditors and employees.
KNM has engaged in several sale and purchase agreements (SPAs) to divest non-core or underperforming assets, aiming to alleviate financial burdens and streamline operations.
KNM added that the successful completion of its SPA is crucial to its financial stabilisation efforts, noting that the regulatory timeframe for pursuing the appeal could affect the SPA’s completion schedule.
The group said that with a 35-year track record and a strong presence in the process equipment manufacturing industry, the board is confident the RM100 million retained working capital will enable it to rebuild and revitalise its operations.
"The board will focus on the operational and financial turnaround of the group. At the appropriate time, when the company’s financial health is restored, the board will consider a re-listing of KNM, subject to financial performance and requisite approvals,” it added.
Shares of KNM last traded at half a sen today. - Bernama
