Bursa rules bind MAA's EGM bid for Deutsche KNM sale

KUALA LUMPUR: KNM Group Bhd’s major shareholder MAA Group Bhd has to comply with Bursa Malaysia’s Main Market listing requirements if it intends to convene an extraordinary general meeting (EGM) for the disposal of Deutsche KNM GmbH.

Bursa said MAA’s failure to comply with the requirement may be a breach of the listing rules.

It added that the proposed disposal of Deutsche KNM is considered a major disposal.

It requires the appointment of a main adviser and an independent adviser as well as a circular to shareholders which should be reviewed by Bursa.

The requirements also called for a valuation of Deutsche KNM and shareholder approval from at least 75 per cent of the total number of issued shares held by the shareholders present and voting.

“This requirement includes compliance by MAA with the requirements of the Main Market listing requirements.”

Bursa added that it has yet to receive any circular or relevant documents in relation to the proposed disposal from MAA.

“Bursa Securities will continue to monitor developments and will not hesitate to take appropriate action in the event of any breach of the Main listing requirements,” it said.

© New Straits Times Press (M) Bhd

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