KNM Group Bhd has postponed until further notice an extraordinary general meeting that was scheduled for Aug 22 to seek shareholders' approval for the planned €220.8 million (RM997.16 million) sale of its entire stake in Borsig GmbH, a German-based process equipment manufacturer. The announcement was made after the buyer, GPR Siebzigste Verwaltungsgesellschaft mbH (GSV), requested further amendments to certain terms and conditions of the sale agreement signed in May — after signing an amendment agreement on July 21 — to accommodate GSV's financing structure for the deal, which is being finalised.
AirAsia X Bhd (AAX) closed its financial year 2022 (FY22) on a negative note as it slipped back into the red in its fourth quarter ended June 30, 2022 (4QFY22) with a net loss of RM652.52 million. Its revenue dropped to RM107.18 million in 4QFY22 from RM113.01 million in 3QFY22. For FY22, the Practice Note 17 company registered a net profit of RM32.8 billion — after RM33.6 billion of provisions made for default under contracts and liabilities had been forgiven and reversed during the year following the completion of its debt restructuring process. Annual revenue came in at RM438.77 million.