Posted by Proff P... > 2022-11-07 03:48 | Report Abuse

where are KNM supporter like Sardin/masterkervin/bearbear/mabel/patua? Any one have any idea when sales of Borsig will completed? and Listing of FBM Hudson will begin? Thanks

Posted by chimchim > 2022-11-08 10:07 | Report Abuse

Um...but Reach still survive PN17. Is it the counter too small to even get noticed?

Posted by Citadel666 > 2022-11-08 14:15 | Report Abuse

I REMEBERED GOT ONE DIE HARD SUPPORTER NAME SARDIN, MANA HIM NOW??? NO MORE BORSIG????

Posted by Holy Cow > 2022-11-09 08:10 | Report Abuse

Director run already.

Posted by smartmove100 > 2022-11-09 12:57 | Report Abuse

game over.. just run lah....

Posted by hohlaiyet88 > 2022-11-10 10:07 | Report Abuse

If directors useless and not capable then better replace someone can manage not just enjoy the directors fees......

Posted by Proff P... > 2022-11-13 09:50 | Report Abuse

ONCE touted as the darling of investors, KNM Group Bhd finds itself in the league of distressed companies after it slipped into the Practice Note 17 (PN17) category.

Its shares plunged to five sen each, current liabilities have exceeded current assets and the group foresees itself returning to profitability only in the next “two to three years”.

Cash crunch issues are also limiting KNM from taking on more new projects.

The root cause of the quagmire plaguing KNM could be traced back to the series of acquisitions the group made many years ago.

The acquisitions, despite injecting good assets into KNM, had over-leveraged the group and by the time the Covid-19 pandemic hit, KNM’s cash generation was no longer able of meeting the high debt levels.

The current line-up of board members, who are onboard since the second half of last year, recognise the urgent need to de-leverage KNM.

This includes the single largest shareholder, Datuk Tunku Yaacob Khyra, who controls a 9.4% stake in KNM.

Posted by Proff P... > 2022-11-13 09:51 | Report Abuse

They have been working on removing highly-leveraged assets from the group’s books.

KNM is expected to be a cash-rich company with a healthier balance sheet by the end of next year.

Executive chairman Tan Sri Zulhasnan Rafique says KNM would not have slipped into PN17 had the proposed disposal of its entire stake in Borsig GmbH, a German-based process equipment manufacturer, was completed before the deadline of KNM’s financial audit.

“We only secured the shareholders’ approval in September (to sell Borsig). It will take a few months to complete the disposal.

“If the disposal had been completed before end-October, we would have settled the amount owed on the bond we defaulted on earlier. It would have prevented KNM’s current liabilities from exceeding its current assets.

“This triggered the PN17 criteria,” the former Federal Territories Minister tells StarBizWeek.

It is noteworthy that KNM had, in Nov 2021, missed principal and coupon payments on bonds issued in Thailand worth 2.78 billion baht (RM356.8mil).

The bonds are guaranteed by Credit Guarantee and Investment Facility (CGIF), a trust fund managed by the Asian Development Bank.

CGIF has paid the bondholders on behalf of KNM.

“CGIF has been quite patient with us and they have been working with KNM to make sure that the sale of Borsig will go through and from it (the disposal), it will get paid,” he says.

Zulhasnan points out that the disposal of Borsig will “definitely” be completed by next month and that investors should not be worried about the PN17 status.

KNM bought Borsig for €350mil (RM1.65bil) in 2008. It will be selling the subsidiary for €220.8mil (RM1.04bil).

Zulhasnan says KNM will still record a gain from the disposal of Borsig, considering the cashflow of €212.8mil (RM1bil) it has received from the subsidiary over the years.

According to Zulhasnan, about 90% of the “clean-up works” at KNM would be completed, post-Borsig disposal.

In addition to the sale of Borsig, KNM is also looking at selling its waste-to-energy power plant project in Peterborough, the United Kingdom as well as an ethanol plant in Thailand.

“For the Peterborough plant, which is yet to be built but we have the land and all the approvals, we are negotiating with the potential buyer.

“We hope to sell it by the end of next year.

“As for the Thai plant, it should also be completed by end-2023,” he says.

With the sale of the Peterborough, Zulhasnan notes that KNM will be a cash-rich entity, with about RM200mil borrowings.

“And with the listing of FBM Hudson Italiana SpA, we will no longer have any borrowing.

“We will then have an optimal capital base that will allow us to take on more projects in the future,” Zulhasnan points out.

KNM plans to list FBM Hudson Italiana SpA and its wholly owned subsidiary, FBM-KNM FZCO, next year on the Catalist Board of the Singapore Stock Exchange.

“The indicative market capitalisation of the listed entity would be around US$100mil (RM461mil), and KNM will have about 25% stake in it,” he says.

Posted by Proff P... > 2022-11-13 09:52 | Report Abuse

Moving forward, the Italy-based FBM Hudson would be a major driver for KNM, according to Zulhasnan.

“Before this, FBM Hudson was not able to bid for some projects because our Borsig was also competing for similar projects.

“With the disposal of Borsig, FBM Hudson would be able to tender for more projects of a bigger scale,” he adds.

It is worth noting KNM had, on Aug 30, proposed to change its name to Hudson Group Bhd to reflect its future direction.

KNM is also banking on one of FBM Hudson’s main products, namely the heat exchangers, as an important engine of growth for the group.

Heat exchangers are used in industrial gas separation processes, typically for the oil and gas (O&G) and petrochemical industries.

“Heat exchangers can also be used for the removal of carbon dioxide.

“As countries are racing towards reducing carbon footprint, there will be a stronger demand for KNM’s heat exchangers in the future.

“Our heat exchangers can be custom-made based on the requirements of our clients or industries.

“This is actually a natural progression for KNM,” Zulhasnan says.

However, Zulhasnan clarifies that KNM is not interested in venturing into renewable energy (RE) businesses, although it welcomes opportunities to supply equipment to industry players involved in RE.

“The decision (by previous management) to go into renewables namely Peterborough (power station) and ethanol (Thai plant) was a distraction they did not need to do.

“It is actually not attractive to go into RE. Socially, it sounds good, but from a financial point of view, a 10% internal rate of return (IRR) as delivered by many RE businesses is not exciting.

“I would rather put the money in the engineering side, where we can have 15% to 25% IRR. We would like to stick to our core business,” he says.

Zulhasnan says KNM has managed to remain resilient, despite the cashflow issues and the PN17 status.

“It is business as usual at our subsidiaries. We are also getting new contracts and queries from prospective customers.

“In fact, in September 2022, Petronas Gas Bhd awarded us an engineering, procurement, construction and commissioning contract worth RM25.69mil.

“If our business is indeed falling apart, customers would not even consider us in the first place,” he says.

Looking ahead, as a player predominantly exposed to the O&G industry, Zulhasnan is upbeat that the pick-up in O&G activities and industry-wide increase in capital expenditure would benefit KNM significantly.

At the same time, KNM plans to strengthen its presence in its existing markets, especially in Malaysia and the Middle East.

This would potentially include a relocation of operations.

“KNM is very famous in Malaysia as one of the best engineering companies in the country. It is time we get it back to where it was before,” he adds.

Posted by Yu_and_Mee > 2022-11-13 10:54 | Report Abuse

Like the name in Hockkien: KNM stock

Posted by Cslee1215 > 2022-11-15 09:43 | Report Abuse

Borsig (belum masak), knm (hantam dia ma), hokkien, ini kali hudson dunno can manage or not. I lose over 90% in this counter, because I forgot to translate the name.

Posted by Bullkobear > 2022-11-15 22:54 | Report Abuse

looks like chasing north is more wonderfull as the price is still bottom.

Posted by smartmove100 > 2022-11-22 10:10 | Report Abuse

mt target 3-4sen

Posted by Bullkobear > 2022-11-22 22:30 | Report Abuse

still looking northern region

Posted by calvintaneng > 2022-11-29 11:35 |

Post removed.Why?

Posted by Bullkobear > 2022-12-01 15:19 | Report Abuse

no speculation, bad news is good news.

Posted by soohk > 2022-12-01 15:52 | Report Abuse

https://www.theedgemarkets.com/article/knm-calls-rm103b-borsig-sale-gsv

Posted by Proff P... > 2022-12-01 16:18 | Report Abuse

WELCOME BACK BORSIG..............

Posted by Noni > 2022-12-01 16:19 | Report Abuse

Tipu orang

Posted by Vhydro > 2022-12-01 16:22 | Report Abuse

OH NO, no money to pay debt.

Posted by Vhydro > 2022-12-01 16:29 | Report Abuse

See you all at 2 sen

Posted by Michael R. > 2022-12-01 20:31 | Report Abuse

Hehehe... golden goose finally not sold... !¡!!

Posted by yangxi > 2022-12-01 23:53 | Report Abuse

new govt will help ?

Posted by Vhydro > 2022-12-02 00:02 | Report Abuse

Help to close shop

Posted by Bullkobear > 2022-12-02 14:26 | Report Abuse

when are we going to meet again: IPO

Posted by RedEmperor > 2022-12-02 18:07 | Report Abuse

Best is to list BorSig not sell.

Posted by Vhydro > 2022-12-02 22:33 | Report Abuse

Prior CEOs failed in every moves they wanted to do, UK Peterborough, Thai ethanol plants, listing Borsig and now disposal of Borsig also failed.

Plan banyak, but execution failed. Very incapable

Posted by ocbc > 2022-12-06 17:05 | Report Abuse

Borsig is back , good, list it in SG .

Posted by speakup > 2022-12-07 22:07 | Report Abuse

https://www.theedgemarkets.com/content/evening-5-knm-defaults-rm418-mil-loans
HANCUR!

Posted by Vhydro > 2022-12-07 23:43 | Report Abuse

2 sen is coming

Posted by superrr > 2023-01-06 08:30 | Report Abuse

Before ppl said the boss is very rich mah ?? Sold his old business and Just took over the business. ? hahaha

Posted by sylvester89 > 2023-01-06 11:35 | Report Abuse

LoL.....the boss pack his stuff and run off already before get smack by people. :P

Posted by 8899EL8899 > 2023-01-08 14:44 | Report Abuse

LET SEE TUNKU K WILL REPENT,......

SHOWING GOOD LEADERSHIP,........

BY SAVING KNM,........

OR DOING SHIT JOBS LIKE IN MMM, GOERTOWN, DKRAMAT,.......

Posted by superrr > 2023-01-09 13:54 | Report Abuse

Ya...KUKU lah...

Posted by Ninja _07 > 2023-01-20 10:34 | Report Abuse

What light?

Posted by Good123 > 2023-01-24 14:50 | Report Abuse

dengar ramai staf cabut... gaji tak dibayar sejak sept 2022...

Posted by Good123 > 2023-01-24 14:51 | Report Abuse

dulu selalu fly first class, dll... pemborosan pada tahap tertinggi hahaha

Posted by Good123 > 2023-01-24 14:51 | Report Abuse

dulu selalu fly first class, dll... pemborosan pada tahap tertinggi hahaha

Posted by Mar2083 > 2023-01-31 07:00 | Report Abuse

Potentially may hit 10sen and above soon

Posted by smartmove100 > 2023-02-02 09:38 | Report Abuse

3-4 sen soon

Posted by afata08 > 2023-02-02 10:56 | Report Abuse

Naik lg ..now 7c!..apa Hal..haha. Ada siapa Ada info..

Posted by Mar2083 > 2023-02-02 15:56 | Report Abuse

Tp 15sen
Ha ha

Posted by Vhydro > 2023-02-02 16:57 | Report Abuse

Im dreaming for RM 1

Posted by Shines > 2023-02-02 18:33 | Report Abuse

Creditors agreed kot

Posted by strattegist > 2023-02-02 20:52 |

Post removed.Why?

Posted by speakup > 2023-02-02 21:08 | Report Abuse

https://www.thesundaily.my/business/oil-dives-3-after-reports-of-big-builds-in-us-crude-fuel-stocks-HM10581996
ADUH!

Posted by Mar2083 > 2023-02-03 16:12 | Report Abuse

Look like will goreng next week
Monitor closely
Ha ha

Posted by Dawneagle > 2023-02-06 20:12 | Report Abuse

Wait and see after the PP is completed.

Posted by superrr > 2023-02-10 08:47 | Report Abuse

Previously a so-called insider guy told me Knm should be at 0.30, Luckily I straight away sold off at 0.20... eventually now become KUKU lah....

Posted by success2628 > 2023-02-11 08:10 | Report Abuse

Oil prices posts gains after Russia says it will cut output by 500,000 barrels a day
PUBLISHED FRI, FEB 10 2023 6:18 AM EST
UPDATED 3 HOURS AGO
Ruxandra Iordache

https://www.cnbc.com/amp/2023/02/10/oil-prices-rise-after-russia-says-it-will-cut-output.html

Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months. 
The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December.

The Brent contract for April delivery rose 2.24% to settle at $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose 2.13% to settle $79.72 a barrel, and rose 8.63% for the week for to notch the best week since October.
Novak said that the reduction will "help restore market relations," according to a Google translation of comments reported by state news agency Tass.
He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The decision was not made in consultation with the OPEC+ coalition, which Moscow co-chairs.
OPEC+ producers must typically agree consensus on output policy, with members bound to their targets. But the group has previously allowed voluntary gestures that honor the spirit of existing output agreements — in this case, the Russian decline would build on a previous OPEC+ decision to lower production by a combined 2 million barrels per day, agreed in October last year.
Other OPEC producers facing sanctions, such as Venezuela and Iran, have requested and received exemptions from their production quotas. Several OPEC+ delegates previously told CNBC that Russia had so far signaled no intention to ask for similar accommodations.
The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week. Under a program passed by the G-7 wealthiest nations, Western providers may continue to supply key financial and shipping services to transport Russian volumes to non-G7 destinations, provided these fuels are purchased beneath specific price caps.
"As previously stated, we will not sell oil to those who directly or indirectly adhere to the principles of the 'price ceiling'," Novak reiterated on Friday, adding that the price cap program could lead to oil and oil products shortages.
"Lower Russian production together with China's reopening should tighten the oil market further over the coming quarters," UBS Strategist Giovanni Staunovo said in a Friday note to clients.