CGS-CIMB Nominees (Asing) is an existing exempt authorised nominee (Exempt AN) for CGS-CIMB Securities (Singapore) Pte Ltd on behalf of Andreas Heeschen, a German national.
Together with eight other shareholders (individuals and companies), they collectively hold shares representing not less than 10% of the paid-up capital of KNM, according to the requisition notice dated yesterday.
A bourse filing dated Aug 31 revealed that Heeschen has a deemed interest of 7.91% or 320 million shares in KNM, an integrated solutions provider for the oil and gas, power and renewable energy industries.
The notice proposed the removal of the following directors and their replacements:
- Non-executive chairman Tunku Yaacob (to be replaced by Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar)
- Group CEO Ravindrasingham Balasingham (Edwin Silvester Das);
- Former chairman Zulhasnan Rafique (Heeschen);
- Yee Hong Ho (Zaidi Mat Isa @ Hisham);
- Steve Ho Soo Woon (William H Van Vliet III);
- Thulasy Suppiah (Flavio Porro)
- Uwe Ahrens (Abd Ghani Yusof)
- James Beltran; and
- Indera Naresh Mohan.
Tunku Yaacob, a member of the Negeri Sembilan royal family, was redesignated as director to chairman in February this year. He is also the executive chairman of MAA Group Bhd. Meanwhile, Tunku Kamariah is a member of the Johor royal family.
KNM is obliged to call for the EGM within 14 days from the date of the requisition, and hold it not more than 28 days after the date of the notice to convene the EGM.
On Oct 31, 2022, KNM announced it had become an affected listed issuer under PN17. In December 2022, KNM announced it had defaulted loans amounting to RM416.8 million, borrowed through three of its indirect wholly-owned units – Peterborough Green Energy Ltd, KNM Renewable Energy Sdn Bhd and Splendid Investments Ltd – following the failed sale of Borsig GmbH for €220.8 million (RM1.1 billion).
For the financial period ended June 30 (FY2023), the group reported a net loss of RM157 million while revenue came in at RM1.07 billion.
KNM’s shares ended unchanged at 10 sen, valuing the group at RM365.4 million.