Now we see the plan developing. About tine someone figures out how to leverage future profits instead of TY and his asset stripping.

KUALA LUMPUR: The group involving German billionaire Andreas Heeschen is looking to raise 110 million euro (RM550 million) bond from European institutional investors as a key step in its debt restructuring plan for KNM Group Bhd.

Heeschen and Johor princess Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar are leading the group to oust the entire existing KNM at an extraordinary general meeting g on Oct 16.

The group plans to use certain collaterals backed by KNM's assets, setting the stage for the company to start repaying creditors within 90 days after it takes over the helm.


https://www.nst.com.my/business/corporate/2023/10/966868/group-trying-oust-current-knm-board-plans-raise-rm550mil-capital

One thing I observe about this current board of directors, they are simple minded and very predictable. Wait so long to sue the Italian guy until the day before the EGM. How you think it looks to the judge when he enters his counter suit for damages? The damages he can claim against each director is going to be 10x. So many sheep on this board.

Now, it is clear that this ES is gone. Ravi claims he had a egm? Approved borsig listing? We are not so incompetent as creditors. That is why this meeting was canceled by the judge. You can not lie in a document with rm 1 billion plus in debt reading it. People need to be held to account. Even mamak shop operators are smarter than that Ravi.

Now what about the Golden Powers in Italy? I hear it is going to be jail time for you Ravi. Selling a company like FBM to the IRANIAN GOVERNMENT. How do you think you are going to bypass the Golden Powers and sanctions? Please tell us all how you did not know about it. Please....

@Medusa can speak his mind. He is not one of these troll that came here to spread fake news in behalf of knm. He does it in behalf of himself

Kikiki..

Don't listen to the noise coming from the paid Trolls who only spreads lies and unfounded stories of the fake mafia listed below. Notice what day these accounts were created and look at what they post vs what is in the real news:

OtisKL | Joined since 2023-09-08
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I don't hate Tunku, I hate crooks who abuse the power granted by the public and corruption. Creditors and shareholders are getting screwed. Now so desperate Tunku has to attack the new guys that have a plan as it is his only way to do business. Intimidation.

Your creditors just spoke Tunku, better listen up real good. I hear Kazakhstan has taken an Interest in you. Let's see how that goes.

SEVERAL substantial scheme creditors of KNM Group Bhd and subsidiary KNM Process System Sdn Bhd have obtained an order from the Kuala Lumpur High Court directing chairman of the scheme of arrangement (SOA) to adjourn the meeting planned for today (Oct 12).

In other words, the court wants the cash-strapped oil & gas (O&G) engineering outfit to postpone its creditors’ meeting to a later date so as to enable the court to appoint an approved liquidator to make an assessment report on the viability of the proposed scheme.

With this latest development, the current KNM board has lost an avenue to obtain an approval for its SOA before the company’s extraordinary general meeting (EGM) slated this coming Monday (Oct 16).

The notice of the said SOA meeting was contained in an Explanatory Statement (ES) by the current board without appointing an independent scheme adviser.

KNM had earlier issued the ES on Sept 25 then suddenly retracted it to eventually re-appear published on Oct 2 and Oct 10 with amendments.

As it is, the KL High Court has ordered the appointment of a professional liquidator to assess and prepare a conclusive report on the feasibility of the SOA which was earlier produced and proposed by the current KNM board.

Recall that KNM’s CEO Ravindrasingham Balasingham had made an appeal to the public shareholders (retail investors) on Sept 8 to back the current board as the directors had “earned the confidence of the creditors and that any plans to remove and replace (the current board) could derail the process to extend the restraining order”.

Yesterday’s (Oct 11) application was heard before Justic Liza Chan. Datuk Loh Siew Cheang appeared as lead counsel and was assisted by John Wong Yoh Hon of Shui-Tai Advocates & Solicitors, Eizlan Farhan Nakhrowi and Claudia Nyon. KNM was represented by Bahari Yeow,

At today’s mid-day close, KNM was up 1 sen or 9.09% to 12 sen with 38.99 million shares traded, thus valuing the company at RM486 mil. – Oct 12, 2023


https://focusmalaysia.my/knms-current-board-loses-creditors-support-following-kl-high-court-ruling/

Court Halts KNM’s Creditors Meeting: Report
Business News, October 12, 2023

In light of recent developments involving KNM Group Berhad, a statement from a party in the company says the High Court has halted a creditors’ meeting and appointed a professional liquidator to assess the scheme’s feasibility.

The statement from a group of shareholders highlights the concerns surrounding the initial proposal found in an Explanatory Statement by the board of directors. The move to seek a court order to stop the creditor’s meeting was prompted by what the group of shareholders say are the scheme’s poor quality, conjectural statements, and unverified information, which could have misled creditors.

Dato’ Loh Siew Cheang from Cheang and Ariff confirmed the court order in a message to Business News.
No Creditors Meeting

KNM issued an imperfect Explanatory Statement in haste, just six days after a hearing and this raises questions about the company’s preparedness and the quality of information presented, says the statement issued to the media today.

This has understandably led to creditors seeking an independent assessment of the situation, it adds.

On Oct 4th, KNM Group Bhd said its initiatives to reduce its debt of RM1.1 billion were on track and that its major creditors are supportive of its restructuring exercises to get back on its feet.

In a statement, the oil and gas services provider said it had received a support letter from an unnamed major creditor on its initial public offering (IPO) track for its prized asset, German machinery and equipment company Borsig.

On 8 September 2023, the CEO of KNM Ravindrasingham Balasingham made an appeal to the public shareholding to back the current Board saying at that time they “earned the confidence of the creditors and any plans to remove and replace [the current Board] could derail the process to extend the Restraining Order”.


https://businessnews.com.my/wp/2023/10/12/court-halts-knms-creditors-meeting-report/

You you guys get paid for full time work or all these made up accounts under Steve Ho?

Don't listen to the noise coming from the paid Tunku Yaacob Trolls who only spreads lies and unfounded stories of the fake mafia listed below. Notice what day these accounts were created and look at what they post vs what is in the real news:

OtisKL | Joined since 2023-09-08
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SGX6138 | Joined since 2023-09-09

I see the creditor meeting scheduled today has been canceled and replace with a KNM Creditors social event. Seems there was some type of legal activities yesterday where the court adjourned the meeting. I can't wait to see what this is all about. I guess the creditors have spoken and do not support TY and his plans to sell off KNM assets either.

Let's vote and get rid of these incompetent baffons.

As you can see from the real news, the German investor brought in by Johor princess Tunku Kamariah did not sell off and run away. He added more and appears to be the single largest shareholder of KNM.


https://theedgemalaysia.com/node/685794

Shareholders on KNM know its value to Malaysia and what to do to get rid of TY and his cronies. Vote for change. We did it before, and we will do it again.

Don't listen to the noise coming from the paid Tunku Yaacob Trolls who only spreads lies and unfounded stories of the fake mafia listed below. Notice what day these accounts were created and look at what they post vs what is in the real news:

OtisKL | Joined since 2023-09-08
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SGX6138 | Joined since 2023-09-09

Tunku Kamariah would be appointed as the new chairman if her camp, led by German billionaire Andreas Heeschen, secures majority support from KNM’s shareholders.

The Johor princess referred to Heeschen as a “friend” who was “invited to invest in Malaysia with the hope of restructuring KNM from its financial struggle while bringing in foreign direct investment and job creation”.

https://www.thestar.com.my/business/business-news/2023/10/11/a-battle-royale-for-control

get the news from legitimate sources, not these paid trolls below:

OtisKL | Joined since 2023-09-08
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The plan is outlines in detail in the Explanatory Statement issued by KNM 2 weeks ago and then revised a few days later. 😀

The plan outlined by Tunku Yaccob and his sidekick Ravi is so flawed that it will never be approved by the creditors meeting. Every creditor I spoke with says no. It is pie in the sky nonsense. I challenge you all to download it and read this silly plan. Time for the dreamers to step aside and let professionals get to work.

Tunku Kamariah would be appointed as the new chairman if her camp, led by German billionaire Andreas Heeschen, secures majority support from KNM’s shareholders.

The Johor princess referred to Heeschen as a “friend” who was “invited to invest in Malaysia with the hope of restructuring KNM from its financial struggle while bringing in foreign direct investment and job creation”.

https://www.thestar.com.my/business/business-news/2023/10/11/a-battle-royale-for-control

get the news from legitimate sources, not these paid trolls below:

OtisKL | Joined since 2023-09-08
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Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
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SGX6138 | Joined since 2023-09-09

Tunku Kamariah would be appointed as the new chairman if her camp, led by German billionaire Andreas Heeschen, secures majority support from KNM’s shareholders.

The Johor princess referred to Heeschen as a “friend” who was “invited to invest in Malaysia with the hope of restructuring KNM from its financial struggle while bringing in foreign direct investment and job creation”.

https://www.thestar.com.my/business/business-news/2023/10/11/a-battle-royale-for-control

get the news from legitimate sources, not these paid trolls below:

OtisKL | Joined since 2023-09-08
doubleup | Joined since 2023-09-07
Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
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SGX6138 | Joined since 2023-09-09

KNM battle hots up with entry of new player

Sarawak businessman Mahmud Abu Bekir Taib has emerged as a substantial shareholder aligned to Johor princess Tunku Kamariah in her battle to replace the sitting board of directors.


https://www.freemalaysiatoday.com/category/business/2023/10/10/knm-battle-hots-up-with-entry-of-new-player/

Ignore the other false propagandists. KNM makes it clear who is selling in the announcements.

Borsig’s SGX listing is unfeasible

Elsewhere, she also criticised certain irresponsible statements regarding KNM’s pricing/valuation at 40 sen/share, asserting that this does not align with the company’s net tangible assets (NTA) of 21 sen as reported in the latest quarterly report of KNM. “Such remarks were speculations, an attempt to influence investors,” she hit out.

Regarding the proposed listing of Borsig on the on main board of the Singapore Stock Exchange (SGX) by way of an IPO, Tunku Kamariah expressed doubts of the exercise given “certain percentage of revenue derived is from a country sanctioned by the Singapore government”.

“Furthermore, if pursued, this could potentially lead to KNM’s delisting as more than 75% of KNM’s revenue is currently from Borsig (chain listing),” she noted.

Tunku Kamariah also questioned the accuracy and comprehensiveness of the Explanatory Statement (ES) for KNM creditors dated Sept 26 as it should have been prepared by an independent advisor rather than done internally.

https://focusmalaysia.my/johor-princess-breaks-silence-categorically-states-why-knm-shareholders-must-vote-in-favour-of-takeover-board/

get the news from legitimate sources, not these paid trolls below:

OtisKL | Joined since 2023-09-08
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It is clear from the official announcement that the seller dumping shares is the family members of the former CEO and founder of KNM, Gan Siew Lait, the wife of Lee Swee Eng.

Ignore the other false propagandists. KNM makes it clear who is selling in the announcements.

Tunku Kamariah Aminah Maimunah Iskandariah Binti Sultan Iskandar, also known as Tunku Kamariah, has made a public statement regarding KNM Group Berhad (KNM. Stock code: 7164), urging shareholders to participate in the upcoming extraordinary general meeting (EGM) on October 16. She says they must KNM to protect their voting rights and rescue KNM.

“The current board had their chances to fix KNM for the past 2 years. In fact, key employees have resigned from the company. If you are really transparent and willing to fight for the interest of customers, employees, creditors and shareholders, come and team up with the new proposed directors – forming a unity board or make way for us,” she challenges.

https://businessnews.com.my/wp/2023/10/10/knm-egm-tunku-kamariah/

Why do MAA and KNM not take action on this Whistleblower report? Where are Bursa and SC? You can see that the report was made directly to them. I think it is important for voters to understand if Tunku Yaacob falsely misrepresented to the Auditors as the report claims. I have yet to see him deny the report.

Just because MCMC thinks the report does not comply with the rules of the Media does not make the report wrong or the whistle-blower report and disclosure wrong. The MAA Letter of Assurance in the report if presented to the Auditors or is even an authentic document as stated is defiantly in violation of Malaysian Law and it needs to be addressed.

So why does Tunku Yaacob who signed it not dispute the report and document?

I don't know why the fake news reports that this is a German takeover. there is only 1 German in this exercise and the primary assets of KNM are in Germany. Tunku Kamariah Aminah Maimunah Iskandariah Binti Sultan Iskandar is the head of this exercise as clearly stated in the real news. People need to vote based on the facts and truth, not the nonsense Tunku Yaacob pays the fake news to pump into your face. The behavior of TY and Ravi is disrespectful and unprofessional, he should be held to account for his actions.

So many false propaganda stories all supporting TY. ignore all these silly stories about past mafia and crooks who have nothing to do with this corporate exercise. This only reflects on the character of those making up this crap. all nonsense. The below accounts were created only to spread these lies. rely only on reliable sources of news in Malaysia and ignore the comments from new accounts with fake news and false stories.


OtisKL | Joined since 2023-09-08
doubleup | Joined since 2023-09-07
Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
maxwin69 | Joined since 2023-09-07
SGX6138 | Joined since 2023-09-09

It is clear that all these new accounts that have showed up after the EGM notice are TY people pumping false propaganda and fake news. They are full of it. that alone is good reason to vote them out.

https://focusmalaysia.my/knm-group-director-aspirants-stand-better-chance-to-turnaround-european-units/

https://theedgemalaysia.com/node/685194

Wait for any announcements from 5% shareholders and see what significant changes occured. Nobody knows who sold shares off today, certianly not the trolls listed below.

OtisKL | Joined since 2023-09-08
doubleup | Joined since 2023-09-07
Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
maxwin69 | Joined since 2023-09-07
SGX6138 | Joined since 2023-09-09

#1 spreader of fake news articles: haziqaz | Joined since 2023-03-04

The foreigner had less than 9%, how is it a take over? A change in the board by shareholders is not a take over. The new guys clearly say they intend to keep BORSIG and the assets inside of knm amd invest money into them. Explain how this is in the definition of a take over? Please don't spread fake news and ignorant conclusions.

Creditors are keen on restoring KNM and its operations. They are prepared to collaborate with the current leadership or appoint new leaders if necessary. Tunku's track record indicates that he lacks the capability to finance or steer the company towards success. His own podcast reveals his shortcomings. It would be in the company's best interest if he gracefully steps down and allows competent individuals to take the helm, sparing us from his negative publicity and misinformation. KNM is pivotal for employment, the supply chain, and contributes to Malaysia's tax revenue. Numerous businesses and individuals in Malaysia are beneficiaries of KNM's operations. It's evident that TY's priorities are self-centered. The stock price elevation from .05 to .17 commenced with the announcement of the EGM, not due to Ravi and Tunku Yaacob's efforts. The new team is already showing profitability. If they don't succeed, the stock will plummet, as shareholders who have returned in anticipation of effective leadership and a promising future for KNM recognize the potential when managed by the right individuals.

Ravi and Tunku Yaacob have consistently provided unsatisfactory explanations to the creditors. Their presence in the company is no longer deemed beneficial by many. The Explanatory Statement (ES) was of such poor quality that a revision was necessary within a few days. There's a noticeable absence of a professional Advisor to provide an independent recommendation. It appears that the ES is merely a platform for TY to present his vision to the creditors, with the intention of gaining support for the upcoming EGM. I've had discussions with multiple creditors, and the consensus is that they will not endorse it. The document contains conflicting data and inaccuracies, with no clear commitment to repayment.

Add
SGX6138 | Joined since 2023-09-09
another troll spreading fake news

to all fellow readers, be advised that the forum is under attack by trolls trying to spread lies. See below the list of accounts spilling the nonsense above. Click the usernames to check yourself.

Corporate Secrets is a paid-to-report trash website. Nothing that they publish is real and is usually blocked by MCMC.

OtisKL | Joined since 2023-09-08
doubleup | Joined since 2023-09-07
Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
maxwin69 | Joined since 2023-09-07

#1 spreader of fake news articles: haziqaz | Joined since 2023-03-04

Over the past month, I've observed the developments in the KNM situation. From my viewpoint, TY and his team seem ill-equipped for the Process Equipment industry. I doubt they can distinguish between a condenser and a 100-plus bottle.

I had hoped that a major creditor would intervene, bringing in experts with experience in the industry, so we wouldn't have to endure the misleading information from TY and Ravi.

After reviewing the ES, it's evident that change is necessary unless they lose the EGM to the new Guys. The claim of a 15X return from a Borsig IPO share presale seems highly exaggerated. It's unrealistic for an investor to pay such a silly premium. Instead of relying on TY's narratives, one should check the SGX for actual comparable company PE ratios, which average around 5-6X.

you are full of crap troll doubleup, show us the documents whereby Tunku provided 20 Million to the company. the only thing he did was buy shares and overpay himself and his little boys who follow him on the board.

If you are referring to the illegal PPM where he controlled the sale of 10% of the company at 5 cents and diluted us all, then he has already paid himself 200% profit as the price 2 months later is at 15 cents plus. so don't make up nonsense stories and think you are going to mislead people. I am calling on a forensic audit of everything TY has done since he screwed up KNM. All Tunku is doing is turning a Jewel into dust while pretending to do us a favor.

to all fellow readers, be advised that the forum is under attack by trolls trying to spread lies. See below the list of accounts spilling the nonsense above. Click the usernames to check yourself.

Corporate Secrets is a paid-to-report trash website. Nothing that they publish is real and is usually blocked by MCMC.

OtisKL | Joined since 2023-09-08
doubleup | Joined since 2023-09-07
Adagold | Joined since 2023-09-05
UpUpRocket | Joined since 2023-09-09
maxwin69 | Joined since 2023-09-07

#1 spreader of fake news articles: haziqaz | Joined since 2023-03-04

Frankly, if you read the ES (Explanatory Statement and its later issued amendment) up for approval by Creditors this week, it becomes clear that TY has no plan to pay anyone back. It only has a song and dance about this and that that might happen. The new guys clearly have a plan to cash and get the company out of PN17. The Edge talks about it clearly. in fact, TY should just step aside and let these guys fix the company. I do not believe any creditor will approve of such nonsense. There is not even an Advisor in the document.

https://theedgemalaysia.com/node/685194

It is clear that all these new accounts commenting here that have shown up after the EGM notice are TY people pumping false propaganda and fake news. They are full of it. that alone is a good reason to vote TY and his children out.

https://focusmalaysia.my/knm-group-director-aspirants-stand-better-chance-to-turnaround-european-units/

Seems all these new accounts making all the false propaganda are in fact full of it. They represent the outgoing directors.

https://focusmalaysia.my/knm-group-director-aspirants-stand-better-chance-to-turnaround-european-units/

According to public information, the Thailand-based Impress Ethanol facility was operated for three years but was compelled to cease operations due to a decline in demand during the global lockdown. Despite a subsequent resurgence in demand, financial constraints led the geoup into PN-17 status, preventing the facility's restart. KNM should restart the plant, finish construction of the second unit and then seek a return on investment for the shareholders. The only problem they have is a lack of capital and difficult cash flow situation. It is a good business.

No matter what the outcome of this EGM, Tunku Yaacob needs to be held accountable for his improper actions in the falsely represented MAA guarantee presented to the Auditors of the KNM subsidiary FBM. From this document the Auditor (likely a type of fraudulent inducement) relied on to issue a financial statement for the company that they would not have otherwise done. This false misrepresentation by a director of these public companies if a flagrant violation of the rules and laws in place to protect creditors and shareholders alike. The MAA annual report clearly shows that what is left of the company could not have honored the guarantee by MAA. It is time to get people like this out of the public markets all together. See the documents that remain undisputed by KNM, Tunku Yaacob and MAA at the end of the article in the link below. How can we allow people like Tunku continue to be trusted with public funds and securities? Judge for yourself. Keep in mind this is slissued without MAA shareholder approval as required by law.

https://infopulsetoday.com/breaking-news-high-level-leak-exposes-alleged-corporate-scandal-involving-maa-group-berhads-tunku-dato-yaacob-khyra/

We all know why, the Royal Pass, so let's not make up some stories. It is not who or how it is leaked, it is the documents leaked. The documents don't need a story, they are factual and not disputed by Tunku Yaacob and his people. Anyone can read a story about something, but why bother to read a story when you can read the documents themselves? Did you vote at the EGM and approve the document you want to cover up?

I have seen several versions of this news report and all are not taken down by MCMC. In fact MCMC has no authority to determine the validity of company documents or filed reports with Bursa or SC. If the documents were not real, then why has Tunku Yaacob not disputed the authenticity of the documents? Show us all where he claims that these leaked documents are not authentic. It is very easy for him to do and would clear the air once and for all. But the truth is that he does not have the balls to further the lies.

@Cipta , Nobody needs to publish anything in the news. The documents in the article speak for themselves. Did you vote to approve the 5 million euro guarantee issues by MAA to FBM? There is no record of an EGM for this purpose. It is a material event that requires shareholder approval. That is the rule. Tunku Yaacob who signed this illegally formed document in behalf of MAA should be removed and penalized for abuse of power or CBT appropriately. He and his board of directors who enable him know that there are no resources at the material time to honor the guarantee. The company financial records show these facts clearly.

According to the bombshell report, TY is accused of single-handedly derailing a critical Share Sale & Purchase Agreement dated 23 May 2022, effectively torpedoing a deal that was already completed and awaiting payment. The report alleges that this decision was made in the shadows, without the necessary approvals or disclosures, flagrantly violating the Malaysian Companies Act 2016.

But the plot thickens. TY is also accused of reneging on a financial assurance guarantee that MAA Group Berhad had issued, promising to inject a staggering sum of €5 million or more into FBM if the “BORSIG Disposal” did not occur. This guarantee was seen as a lifeline for FBM, and TY’s refusal to honor it has been branded as a shocking betrayal and an act of fraudulent misrepresentation.

Tunku Yaacob needs to be removed from the company. He is acting only in his own I Teresa and just keeps loosing money from his mistakes. Now MAA is the subject of a whistleblower investigation he keeps trying to cover up. Read the story below and then read the documents that the story leaks at the end of the story. You need an egm and shareholder approval to make such guarantees. Do you remember voting for this?

https://infopulsetoday.com/breaking-news-high-level-leak-exposes-alleged-corporate-scandal-involving-maa-group-berhads-tunku-dato-yaacob-khyra/

According to the bombshell report, TY is accused of single-handedly derailing a critical Share Sale & Purchase Agreement dated 23 May 2022, effectively torpedoing a deal that was already completed and awaiting payment. The report alleges that this decision was made in the shadows, without the necessary approvals or disclosures, flagrantly violating the Malaysian Companies Act 2016.

But the plot thickens. TY is also accused of reneging on a financial assurance guarantee that MAA Group Berhad had issued, promising to inject a staggering sum of €5 million or more into FBM if the “BORSIG Disposal” did not occur. This guarantee was seen as a lifeline for FBM, and TY’s refusal to honor it has been branded as a shocking betrayal and an act of fraudulent misrepresentation.

more stories of misconduct by the Tunku Yaacob and MAA. These self-serving directors need to resign. Let the new guys with experience in this industry take over.

https://infopulsetoday.com/breaking-news-high-level-leak-exposes-alleged-corporate-scandal-involving-maa-group-berhads-tunku-dato-yaacob-khyra/

We clearly can't trust Tunku Yaacob and MAA. They need to resign. Here is a not so well published article about a whistleblower complaint. Very relevant.

https://businesssuntimes.com/explosive-breaking-news-high-level-leak-exposes-alleged-corporate-scandal-involving-maa-group-berhads-tunku-dato-yaacob-khyra/

https://www.thestar.com.my/business/business-news/2023/09/05/german-entrepreneur-led-group-seeks-to-remove-knm-group039s-directors

Wow, we have a new boss in town. Andreas Hesschen is a tycoon from Germany. He owns LyondellBasell amongst other holdings. The third largest chemical company in the world. Good things are coming.


https://www.plastech.biz/en/news/Andreas-Heeschen-buys-50-percent-of-LyondellBasell-2719

The only problem with knm is the royal match leadership. A world of yes men leads to no good. Dreams of an ipo some day in the future for a unqualified subsidiary is no way to satisfy creditors. Tunku yaacob and his insurance salesmen need to be removed and professionals with experience and a track record need to take over before he implodes KNM.

The next important move for knm is to remove these existing non-performing directors and replace with qualified and professional people. Restore the backbone and capabilities of KNM. Enough with incompetence insurance resellers. Get out TY.

You do not need to rely on faith. The facts in the matter are clear. Nearly 17% of Borsig revenues come from activities in Iran. This is a sanctioned country. Therefore the majority of banks in the world are unable to support any Borsig activities. They are restricted to activities in Germany only. There is no possibility of the listing of this company in any public markets in Singapore. This is nothing more than a story created to satisfy creditors of a potential future under the incompetent leadership of TY and his team of failed Insurance executives. Stop spreading false information and nonsense. For those of you that are professionals, ask your legal team.

MAA and buddies took over all the PPM. They are worried that they will loose power. This recent volume is likely them selling off shares to get money to buy the shares in the PPM so nobody else can buy. The PPM is completely subscribed at 0.054 so they make 30+ %. It is the only way TY knows how to make money. The existing management team is not qualified to run a petrol station let alone an engineering company. It is time to throw TY, and MAA out and get new people who know how to do enginerring business and access capital. They have brought shame on knm and shame on malaysia.

A simple review of the facts show that BORSIG does not qualify to list in Singapore or another markets except maybe Germany. This story to extend the RO protection from creditors is just that. Pay people money to write letters and endorsement of plans is not worth the paperweight they are written on. This company needs to be purged of the existing unqualified management. Please go back to MAA and see if you can find a way to sell insurance again. Enough is enough. Time is up for MAA