In a bourse filing, the oil and gas engineering group said it submitted the extension of time application seeking a one-year extension to Oct 30, 2024, to submit its PN17 regularisation plan.

The group said it will announce the outcome of its application for extension after receiving the decision from Bursa Securities.

The company was classified as a PN17 company on Oct 31 last year and was required to submit its regularisation plan to relevant regulatory authorities within a year, which is by Oct 31, 2023.

KNM had previously triggered the PN17 criteria in 2021 following a default on Thai bonds worth 2.78 billion baht (RM352.57 million). However, it avoided the PN17 status due to Bursa Securities’s Covid-19 relief measures.

It plans to address its debt with creditors with the proposed listing of its German-based machinery and equipment manufacturer, Borsig GmbH, on the Singapore Exchange (SGX) next year.

As of the end of June this year, KNM’s borrowings amounted to RM1.18 billion, a decrease from RM1.26 billion the previous year.

KNM has reported losses for eight consecutive quarters, with negative reserves increasing from RM1.16 billion the previous year to RM1.21 billion.

KNM shares ended unchanged at 10.5 sen today, giving the group a market capitalisation of RM405.51 million.