Posted by OtisKL > 2023-11-17 14:53 | Report Abuse

Mr. Mojo, I agree that the situation is less exciting now. However, I believe that they need to take some time to complete the RO requirements, make SOA improvements, and engage with creditors to negotiate. In addition, they must maintain the businesses with all the usual tasks, finding new businesses, and pursuing Borsig's listing and plans for uplifting from PN17. This is a significant list of tasks and a significant amount of work to accomplish.

Posted by MrMojo > 2023-11-20 12:02 | Report Abuse

If the RO is not approved, creditors who waited for a year will take action.
Its hard to say then

Posted by MrMojo > 2023-11-20 12:02 | Report Abuse

Appealing the RO is very difficult i wager

Posted by MrMojo > 2023-11-20 12:03 | Report Abuse

What other court restraining action an knm take if the RO is not approved if appealed again?

Posted by OtisKL > 2023-11-20 12:31 | Report Abuse

@MrMojo, good question. Well, as a back up plan, the BNM actually has the mediation facility, called CDRC. Sapura Energy for example, had gone under CDRC, last March 2023 and was a 2nd RO extended due to this. Companies eligible to be admitted to CDRC shall meet the following criteria:
a) have an aggregate indebtedness arising under or in connection with any financing/loan agreements, arrangements or issuance of securities of at least Ringgit Malaysia Ten Million (RM10,000,000-00), and involving at least two (2) participating institutions; and

b) at the time of consideration by the CDRC, the applicant is not dissolved, in liquidation or in receivership and no such actions or conditions exists at this time which may result in a dissolution, liquidation or receivership of the applicant. In the event that any such actions or conditions exist at the time of consideration, necessary steps shall be taken
to keep such actions in abeyance. Nevertheless, an exception is given to those companies where Receivers have been appointed only over certain specified assets and that the Directors remain in control of the company's overall operations; and
c) the eligible debtor,
(i) has projected or demonstrated that it will imminently be in financial difficulty or is already experiencing difficulties in servicing their debt obligations but may not have already defaulted on its obligations; or
(ii) is a company listed on the Main Market or ACE Market of Bursa Malaysia that has been classified as a PN17 or GN3 company respectively.

5.2 Notwithstanding the eligibility criteria in paragraph 5.1, CDRC in its absolute discretion may
accept or reject applications as it deems fit.

5.3 CDRC in its absolute discretion may review and/or amend the eligibility criteria stipulated herein as it deems necessary for the purposes of preserving its overarching objectives of employment preservation and sustaining economic growth.

The CDRC (Corporate Debt Restructuring Committee) shall comprise at least seven (7) members having the requisite
experience in and from legal, accounting or regulatory backgrounds, including but not limited to the following person(s):
(i) the chairman of the CDRC (“Chairman”);
(ii) representative(s) of BNM;
(iii) representative(s) of the Securities Commission Malaysia;
(iv) representative(s) from the Ministry of Finance; and
(v) independent representative(s) appointed by BNM

This sort of statutory body will be transparent and clear in their objectives, without any fear or favour. Perhaps this could be an alternate way forward to solve the disgruntled shareholders group, creditors and management.

Posted by MrMojo > 2023-11-20 15:44 | Report Abuse

I doubt creditors will let knm extend for 1 more year without concrete ideas or plans.
No news is bad news for knm.

Posted by OtisKL > 2023-11-20 16:07 | Report Abuse

@MrMojo, yeah, it is possible that may happen.

However, if the management can prove that the company can be "saved", the court can exercise its jurisdiction to enforce judicial management. Judicial management is another of the new corporate rescue mechanisms under the CA 2016 that allows for the appointment by the Malaysian High Court of a judicial manager over an insolvent corporate debtor, in circumstances where it can be shown that there is a reasonable prospect of, inter alia, preserving all or part of the company as a going concern and where the interests of creditors would be better served than on a winding up.

Posted by OtisKL > 2023-11-20 16:18 | Report Abuse

Following the judicial management order, a wider range of creditor actions are restrained. There is a good balance between protecting creditors and encouraging prospects of a rescue. A judicial management order initially lasts for six months but can be extended for a further six months.

The appointment of a judicial manager displaces the directors. He or she manages the business and must within 60 days (which can be extended by the court) present a proposal to the creditors of the company. He or she has to summon a meeting of creditors to consider and vote on the proposal. The voting threshold is 75 per cent in value of creditors whose claims have been accepted by the judicial manager, present in person or by proxy. Any proposal that is approved is binding on all creditors, regardless of how they voted.

The judicial manager oversees the implementation of the proposal. Once the purpose of judicial management has been achieved, he or she may apply to discharge the order. If a proposal is not approved at the creditor's meeting, the court would normally discharge judicial management orders, and either receivership or liquidation beckons.

Posted by OtisKL > 2023-11-21 20:10 | Report Abuse

It's timely the company has clarified its reason for reappointment of Mr Steve Ho, who is the court appointed representative to sit in KNM board, fulfilling the Section 268 subsection 2(d). If the subsection 2(a) is satisfied, the Court of Appeal may overturn the High Court ruling due to technical issues. Well, looks like KNM has a "blinking light at the end of the tunnel. "

https://www.klsescreener.com/v2/announcements/view/5934517

Posted by OtisKL > 2023-11-21 20:15 | Report Abuse

There must be an underlying reason @ undercurrent as the share prices not dipping below 9sen, especially for a PN17 company encountering consistent blows of "hurricanes"... steady lar this company...😁

Posted by SGX6138 > 2023-11-22 09:56 | Report Abuse

https://theedgemalaysia.com/node/690804

Posted by MrMojo > 2023-11-22 13:01 | Report Abuse

Hurricane not yet come. See if RO extended renewed or quashed or not.
Then see good hurricane or bad hurricane.
Now i think all is just wait n see

Posted by MrMojo > 2023-11-22 13:02 | Report Abuse

Even my friend supportive of tunku sold off all last week. He takut

Posted by MrMojo > 2023-11-22 13:04 | Report Abuse

He said too long no results n applying for pn17 extension by another year...wth

Posted by MrMojo > 2023-11-22 13:05 | Report Abuse

A year? Why a year? Why cant be a few months.

Posted by MrMojo > 2023-11-22 13:05 | Report Abuse

I sympathise bros.....

Posted by OtisKL > 2023-11-22 14:02 | Report Abuse

@MrMojo, today AAX have its PN17 uplifted. Well, an extension of 1 year means it has 4 quarters, the company needs 3 consecutive quarters of +ve profits, thats 9 months. So spare 1 quarter lor.... if come out early, save 1 quarter, otherwise you need 4 quarters @ 1 year lor....

Posted by MrMojo > 2023-11-22 15:06 | Report Abuse

Okok thx for info bro

Posted by Strategist Invest Lam > 2023-11-22 23:34 | Report Abuse

be and is hereby forthwith restrained and stayed except by leave of the Court for a period of three (3) months from the date of the RO (21 November 2023) and subject to such terms as the Court may impose. Therefore, the RO allows the Applicants and the Scheme Creditors to negotiate and finalise the terms of the Proposed Scheme of Arrangement without the potential threat of any proceedings and actions being brought against the Applicants in the interim.

Posted by OtisKL > 2023-11-23 08:41 | Report Abuse

@StrategistInvestLam, yay, indeed a very welcoming and relieved news, while the company finds its way to get out of these turmoil.
The Board of Directors of the Company wishes to announce that on 21 November 2023, the Company and KNM Process Systems Sdn Bhd (collectively referred to as the “Applicants”), as part of proactive measures and continuous effort to address the Applicants’ debt obligations in an orderly manner, applied to the High Court of Kuala Lumpur and were granted the following Orders:



(a) leave to be granted to the Applicants to call for a Court convened meetings pursuant to section 366 of the CA 2016 with the creditors of the Applicants or any class of them (“Scheme Creditors”) for the purpose of considering and, if thought fit, approving with or without modification (which modification can be made any time prior to and/or at the Scheme Meeting(s)) the proposed scheme of arrangement and compromise between the Applicants and the Scheme Creditors (“Proposed Scheme of Arrangement” or “SOA”); and



(b) a Restraining Order (“RO”) pursuant to section 368(1) of the CA 2016 in conjunction with the debt restructuring effort by the Applicants to address its outstanding financial obligations without having the threat of any proceedings and actions against the Applicants.

Posted by OtisKL > 2023-11-23 13:08 | Report Abuse

Hopefully, the year can end with more good progress announcements and a road to recovery for this company. In the past 12 months, the company has experienced bitter experiences and multiple obstacles.

Go go go KNM.... be the tiger of Asia!

Posted by OtisKL > 2023-11-24 13:47 | Report Abuse

Good Friday everyone.... looks so quiet in here, and share prices gradually going up...Good to see +ve progress.

Posted by OtisKL > 2023-11-24 16:37 | Report Abuse

@Woodswater, hiya... how's things? You should have bought the AAX shares.

Here, this counter, it has mid-term definitely will give Chinese New Year ang pow. For Christmas, as long it maintains at 9sen, it's good already. 1 year of new RO was good news for KNM for a start. Next is the Jul-Sep 2023 results, if it shows +ve, good news for upliftment PN17 by Apr 2024.

Steve Ho is likely mixing the ingredients and cooking up a storm for Borsig's feast, let's see how it goes...the moment SGX confirmed its listing I reckon in end Feb/Mar 2024....

Posted by SGX6138 > 2023-11-24 21:22 | Report Abuse

OtisKL, I like your attitude. You are very positive and willing to give chance for people to perform. You got it right. Steve Ho is the key guy to get things done. That's why they must have him on board to complete the team. And Steve has his own team of professionals to execute the plans. Only thing I remember is that Macadee don't like Steve. Probably because he kantoi him from the previous management.

Posted by MrMojo > 2023-11-26 12:43 | Report Abuse

Knm share price never went below 9c during waiting for the RO news.
Looks like market likes knm enuf.
Looks like share price has bottom at 9c and stabilise.
I bought some at 10c. Lol

Posted by MrMojo > 2023-11-26 12:45 | Report Abuse

The RO being extended is Good. Will give tunku n management time. Time to buck up n push on!
German sausage looks like to cautious to even try to take over during RO uncertainty, that was his best time

Posted by MrMojo > 2023-11-26 12:48 | Report Abuse

Plus i noticed, tunku n management are fighting like crazy to stay afloat.
This is good news, they are as vested in knm as we are.
They should keep public informed of plans n engage constructively. More news on knm Will push up the price.
Publicity is important too. Take a leaf out of liew kin siew of spsetia last time

Posted by MrMojo > 2023-11-26 12:50 | Report Abuse

When u have maa n tunku who spent what 90+mil n abu bekir about 30mil + ......noway knm going under easily

Posted by speakup > 2023-11-26 12:50 | Report Abuse

Many uncle aunties pakcik makcik bought around 15s3n, will Tengku free them from knm jail?

Posted by MrMojo > 2023-11-26 12:52 | Report Abuse

Toxic n negative statements will not help any ppl.
Dun like dun buy.
Confident then buy.
Everything in the world has risk including living life...lol

Posted by SGX6138 > 2023-11-26 13:12 | Report Abuse

Well said, MrMojo.

Yes, these few guys on board with Tunku, now they must paddle like mad. Cannot let the ship sink. We just try to cheer them on. Hopefully German guy don't disturb again.

Posted by MrMojo > 2023-11-26 13:25 | Report Abuse

I was actually quite surprised the RO was extended honestly.
But when u have 90mil+ invested, u will pull out all the nails yourself if u have too.
My friend invested earlier last year because he figured since TY has 86mil in knm, ty will fight.
But ty has faltered until emergency RO dismissed month ago?
Sure ty takut ma...lol
Good to keep the management on their toes

Posted by MrMojo > 2023-11-26 13:27 | Report Abuse

But until concrete plans given, knm will definately yoyo. Good for those day traders.
Plus i noticed some buyer sapu 12mil shares at 9.5c last thur n push up to 10c. Thats why i beli sikit sikit too

Posted by Aati99 > 2023-11-28 09:48 | Report Abuse

lebih baik masuk semasa ia jatuh ke harga murah, bukan kejar harga tinggi 🙂

Posted by MrMojo > 2023-11-28 10:41 | Report Abuse

Of course ....but who got balls to buy if it drops? It takes a brave mindset even if it drops later. With a pn17 company, u must also be ready to accept some losses.
Traders wont have balls to do that. Lol

Posted by MrMojo > 2023-11-28 10:43 | Report Abuse

Professional traders probbaly will tho. Simply because they have the cash

Posted by Bullkobear > 2023-11-28 11:12 | Report Abuse

Bull is returning to northern region!

Posted by RedEmperor > 2023-11-30 18:25 | Report Abuse

When is quarterly report coming out?

Posted by Vhydro > 2023-11-30 22:25 | Report Abuse

RedEmperor, out liao out liao

Posted by Strategist Invest Lam > 2023-12-01 00:22 | Report Abuse

https://www.klsescreener.com/v2/news/view/1241941

Posted by Aati99 > 2023-12-05 11:09 | Report Abuse

kerugian meningkat pd suku ketiga...

Posted by Ninja _07 > 2023-12-05 13:37 | Report Abuse

Gone case... game over already!

Posted by batigoal > 2023-12-06 15:32 | Report Abuse

why share going up

Posted by Vhydro > 2023-12-06 22:16 | Report Abuse

Going up? Mana?

Posted by Auntylee > 2023-12-13 10:24 | Report Abuse

No more CERITA????

Posted by speakup > 2023-12-15 07:43 | Report Abuse

https://focusmalaysia.my/bukit-aman-cops-raid-knms-cosec-and-registrar-offices-seize-biz-documents/
ADUH!

Posted by investortrader88 > 2023-12-15 08:13 | Report Abuse

Habis cerita.caught red handed !

Posted by Medusa > 2023-12-15 09:15 | Report Abuse

Mafia Scammer is making move

Limit down

Kikiki…

PETALING JAYA: Bukit Aman’s commercial crime investigation department has denied that it raided the offices of oil and gas engineering company KNM Group Bhd.

Its director, Ramli Yoosuf, said they had only gone over to the company’s premises to collect documents on Wednesday.

“We went there only to collect documents for our investigation. No one was arrested,” he told FMT.

However, he did not give details of the investigation they are carrying out.


Ramli’s denial follows claims circulating on WhatsApp that the CCID had raided KNM’s offices.

According to these claims, the police had seized “many documents pertaining to KNM”.

The company, which was recently embroiled in a boardroom battle, was classified as a PN17 company on Oct 31 last year and was required to submit its regularisation plan to the regulatory authorities within a year.

On Oct 30, it sought a one-year extension from Bursa Malaysia Securities.

Posted by Adagold > 2023-12-15 10:05 | Report Abuse

I thought if they don't disturb the team they can carry out their work to solve KNM problems. Adoi everytime kacau2 how to work?

Posted by MacDee34 > 2023-12-15 10:35 | Report Abuse

It seems the wheels of justice are finaly turning. Now the authorities are seizing documents for an investigation. Must be about that phony guarantee that Tunku Yaacob gave to FBM in the whistleblower report.

https://focusmalaysia.my/bukit-aman-cops-raid-knms-cosec-and-registrar-offices-seize-biz-documents/