KUALA LUMPUR (Sept 21): The High Court here has granted cash-strapped KNM Group Bhd an extension on its temporary restraining order (RO) pending the conclusion of the group’s application for a formal extension.

In a filing on Thursday (Sept 21), the financially-troubled oil and gas process equipment maker said the court extended the ad interim (temporary) RO until the disposal of the RO extension application.

“The next hearing was fixed on Oct 30, 2023,” the group said, adding it will announce further developments in due course.

The Practice Note 17 outfit was first granted a three-month RO back in December last year in conjunction with leave (permission) to call a court-convened meeting with creditors for a proposed scheme of arrangement.

In March, the RO was extended a further five months to August. In August, KNM filed the current application to extend the RO and was granted the ad interim RO pending the conclusion of the application.

However, the situation revolving around KNM has changed in recent times, as the group currently faces a bid from a group of shareholders looking to take control of its board.

On Sept 5, the shareholders, led by German businessman Andreas Heeschen, filed a notice to remove all existing KNM directors, including its chairman Tunku Datuk Yaacob Khyra, who holds an indirect 9.44% stake in the group.

In their stead, replacements were proposed, which included Tunku Kamariah Aminah Maimunah lskandariah Sultan Iskandar, the eldest sister of the Sultan of Johor, and former KNM executive director Flavio Porro.

An extraordinary general meeting has been fixed on Oct 16 for shareholders to deliberate on the proposed board changes.

Shares in KNM finished unchanged at 12 sen, giving the group a market capitalisation of RM485.51 million.