KUALA LUMPUR (Feb 8): KNM Group Bhd non-executive chairman Tunku Datuk Yaacob Khyra has upped his stake in the company to 11.75%, after MAA Group Bhd purchased a 2.25% stake in the group for RM15.04 million.

According to bourse filings on Thursday, MAA acquired 91 million shares or a 2.25% stake in the financially troubled oil and gas engineering firm via a direct business transaction for RM15.04 million.

This raised Yaacob’s indirect shareholding in KNM to 475.2 million shares or an 11.75% stake, split between MAA (10.8%) and Melewar Industrial Group Bhd (MIG) (0.94%). Yaacob controls a 41.82% stake in MAA via Melewar Equities Sdn Bhd and Melewar Acquisitions Ltd. He also holds 46.9% indirect stake in MIG.

Based on back-of-the-envelope calculations, the shares in the Practice Note 17 (PN17) group KNM were purchased at about 16.5 sen apiece — nearly double Thursday’s close of 8.5 sen. 

Notably, the 16.5 sen per share price tag is near the counter’s one-year high of 17.5 sen seen back on Oct 6 last year.

KNM was embroiled in a shareholder tussle in the final quarter of 2023, after a dissenting coalition led by German businessman Andreas Heeschen sought to replace the group’s Yaacob-led board with its own appointees — which included Johor royalty Tunku Kamariah Aminah Maimunah Iskandariah, sister of current King of Malaysia, Sultan Ibrahim Sultan Iskandar.

In the run-up to the extraordinary general meeting on Oct 16, KNM’s share price saw a sharp increase to the aforementioned one-year peak.

However, at the bout’s climax, Yaacob rallied shareholders’ majority support, retaining his and all but one of KNM board's seats, while all of the Heeschen-Tunku Kamariah group failed to be appointed.

Since then, KNM said it has continued its turnaround plan. Recently, KNM said it remains in close cooperation with the majority of its lenders towards achieving a mutually acceptable resolution in relation with the settlement of its debts, via the monetisation of its non-core assets and listing of its crown jewel, German-based equipment manufacturer Borsig GmbH.

Heeschen first emerged as a substantial shareholder with a 7.91% stake or 320 million shares on Aug 29, before later increasing it to 8.25% or 333.6 million shares in the days leading up to the EGM.

Shares in KNM ended unchanged at 8.5 sen, valuing the group at RM324.8 million. Shares in MAA closed down half a sen or 1.43% at 34.5 sen, giving the group a market capitalisation of RM89.79 million.