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.
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