Posted by Jason2023 > 2023-10-20 10:48 | Report Abuse

30th October 2023, High court would decide to Restraining Order (“RO”) for KNM. A market analyst said if RO is extended by High Court, creditors cannot demand payment via court until RO is lifted at later date. If RO is lifted by High Court, creditors can demand payment via court and KNM may be bankrupt, then delisted from the exchange. Earlier, the RO was extended 3 times by the High Court. On the last extension, a reasonable bystander would think that the court wanted to wait for the outcome of the recent EGM on 16th October 2023 before making decision. However, since the old management remain on board, most likely the RO will be lifted. Market analyst have stated that the current situation bears some resemblance to the case of the Malaysian Maritime and Merchant Bank (MMM) from the past. Consequently, they are currently concerned that a similar scenario might unfold in the case of KNM. Interestingly, some key figures who held positions of authority in MMM back then are now holding significant positions in KNM. Before MMM is delisted, the price of shares would drop to RM0.005, with sellers queueing at RM0.005 and no buyer queueing.