PETALING JAYA: KNM Group Bhd’s wholly-owned unit KNM Europa BV has finalised a deal to divest its 100% fairness in loss-making FBM Hudson Italiana SpA (FBM Hudson) to two events for 16.5 million euros (RM84.47 million).
In a press release in the present day, the oil and gasoline providers supplier introduced the signing of the share sale and buy settlement between Italy-based FBM Hudson and purchasers BM Carpenterie, Oil and Gas Srl (BMC) and Officine Piccoli SpA (Officine).
It mentioned BMC will purchase 60% of the 746,501 extraordinary shares whereas Officine will purchase the remaining 40% of the share capital of FBM Hudson.
“The purchasers shall be buying FBM Hudson and its wholly-owned subsidiary, FBM-KNM FZCO (FZCO), primarily based within the United Arab Emirates (UAE),” mentioned KNM, a Practice Note 17 (PN17) firm.
As a results of this disposal, the purchasers assumed all money owed and liabilities of FBM Hudson and FZCO, making certain a constructive fairness and money place for the 2 entities to thrive and develop, it added.
“This strategic choice displays KNM Group’s dedication to optimising its portfolio and focussing on core worthwhile companies as a part of our ongoing efforts to strengthen the group and drive sustainable progress,” mentioned KNM chairman Tunku Yaacob Khyra.
Established in 1941, FBM Hudson is principally engaged within the design and manufacture of warmth exchangers and high-pressure tools for oil and gasoline, chemical compounds, petrochemicals, oil refining, energy, and fertilisers.
The disposal is topic to situation precedents, most notably the “Golden Power” approval by the Italian authorities.
Last November, the Italian authorities rejected the proposed disposal of KNM Europa BV’s complete stake in FBM Hudson to the UAE’s Petro MAT FZCO.
At the market shut, KNM’s share value was up by 0.5 sen or 6.25% at 8.5 sen, giving the group a market capitalisation of RM344 million.
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