KNM executive director and group CEO resigns

KUALA LUMPUR (Nov 8): KNM Group Bhd has announced the resignation of its executive director and group chief executive officer Terence Tan Koon Ping, effective Tuesday (Nov 8).

In a filing with the local bourse, the oil and gas process equipment maker said Tan, 52, is vacating the position “to pursue other interests”.

In Tan’s stead, KNM said that non-independent director Ravindrasingham Balasingham has been redesignated as its executive director and group CEO.

Tan had served in the role for over two years since his appointment back in July 2020, taking over both positions from founder Lee Swee Eng.

Tan offloaded his entire shareholding in KNM at the start of 2022, disposing of an aggregate 12.5 million shares or a 0.37% stake in the group.

At the noon break, shares in KNM had gained half a sen or 12.5% to 4.5 sen, giving the company a market capitalisation of RM165.52 million. Year to date, the counter has dropped 70%.