KNM shareholders approve sale of unit to Japan firm

CEO Ravindrasingham said the disposal approval marked an important step in restoring KNM’s financial health and setting the stage for sustainable growth.

PETALING JAYA: Practice Note 17 (PN17) company KNM Group Bhd’s shareholders have approved the €270mil (RM1.3bil) sale of its subsidiary, Deutsche KNM GmbH (DKNM), to Japan’s NGK Insulators Ltd.

In a statement, the financially distressed engineering group said 93.74% of its shareholders voted in favour of the disposal at its EGM held yesterday.