KUALA LUMPUR (Oct 30): KNM Group Bhd (KL:KNM), under fire from Bursa Malaysia for breaching listing rules, has received shareholder approval to adjourn its extraordinary general meeting (EGM) on the sale of its German unit until after its delisting on Nov 5, 2025.
The Practice Note 17 (PN17) company said no new notice is required for the EGM, which will now be held on Nov 6, as the meeting will resume within 30 days with the same agenda and resolutions.
Bursa had filed a court case against KNM’s major shareholder MAA Group Bhd (KL:MAA), CIMSEC Nominees (Tempatan) Sdn Bhd, KNM, and its unit KNM Process Systems Sdn Bhd to stop them from violating listing rules and to block discussion or voting on the Deutsche KNM GmbH (DKNM) sale resolution at the Oct 30 EGM.
The regulator also sought to invalidate any resolution passed without compliance and to order the meeting’s chairman to adjourn if the court had not yet ruled.
MAA, which called the EGM after KNM refused to do so citing Bursa’s rules, was named the first defendant, while CIMSEC Nominees was the second defendant.
The High Court gave KNM and MAA until Nov 19, 2025 to respond to the affidavit by Bursa. KNM had said on Wednesday that it would seek shareholders’ approval to adjourn the meeting.
Bursa said its court action against KNM and MAA, despite KNM’s planned delisting, aims to protect market integrity. It added it is committed to ensuring transparency, fairness, and investor protection, stressing that maintaining confidence and orderly market operations remains its top priority.
KNM’s delisting after 22 years on the bourse follows the withdrawal of its appeal against Bursa Malaysia’s rejection of its PN17 plan. In explaining its decision to withdraw the appeal, the company said it is prioritising financial recovery by proceeding with the €270 million (RM1.34 billion) sale of DKNM to Japan’s NGK Insulators Ltd, calling the deal vital to stabilising its finances.
KNM said the delisting will help speed up its turnaround and complete the sale, calling the NGK deal the “most credible and highest offer received”.
KNM has remained under PN17 status since October 2022 after its auditors raised going-concern issues.
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