PETALING JAYA: Johor princess Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar is asking for an investigation over “attainable irregularities” within the vote depend throughout KNM Group Bhd’s EGM right this moment the place she and German billionaire Andreas Heeschen failed to take away the present board members.
Shareholders additionally rejected resolutions on appointing substitute administrators together with Tunku Kamariah, Heeschen and former KNM director Flavio Porro at right this moment’s digital extraordinary basic assembly.
KNM’s largest shareholder Tunku Yaacob Khyra, with a 9.5% oblique stake, managed to prevail after 184 shareholders holding 1.04 billion shares or 62.18% of the votes forged voted towards his removing. A complete of 158 shareholders with 634.47 million shares or 37.82% voted towards him.
CEO Ravindrasingham Balasingham additionally retained his seat on the board after 195 shareholders holding 1.05 billion shares or 52.39% of the votes rejected the decision to take away him and exchange him with Edwin Silvester Das, who failed in his bid to be appointed as director.
However, two administrators aligned with Tunku Yaacob – Zulhasnan Rafique and Steve Ho – had been ousted. The different 5 administrators – Yee Hong Ho, Thulasy Suppiah, Uwe Ahrens, James Beltran and Indera Naresh Mohan – managed to cling on to their seats.
Tunku Kamariah, the elder sister of the Johor Sultan, failed to get into the board after 195 shareholders holding 1.05 billion shares or 52.34% voted towards the decision to appoint her as director. Some 141 shareholders holding 959.54 million shares or 47.66% voted for the decision.
Likewise, Heeschen, who has an 8.25% deemed curiosity in KNM, garnered 47.21% or 960.62 million shares for the decision to appoint him as director whereas 188 shareholders holding 1.05 billion shares or 52.29% voted towards it.
In an announcement, Tunku Yaacob, a member of the Negeri Sembilan royalty, thanked shareholders for his or her belief and help to proceed along with his management and ship on its technique to flip across the oil and gasoline providers firm.
“The board stays absolutely dedicated to guarantee their targets of debt settlement inside 9 months by way of a partial IPO of Borsig, which in flip will guarantee a worthwhile and sustainable future for KNM, its shareholders and all stakeholders,” the assertion stated.
KNM’s prized asset Borsig, a German equipment and tools firm, is on monitor for an preliminary public providing (IPO) by the second half of 2024 on the Singapore Exchange (SGX).
It is searching for to increase some RM900 million from the IPO proceeds to pare down the Practice Note 17 (PN17) firm’s current debt of some RM1.1 billion, while holding a stake of 40% after the flotation.
Tunku Kamariah cries foul
The month-long saga to wrest management of KNM was supposed to come to a conclusion right this moment however the end result of the voting has erupted in controversy after Tunku Kamariah alleged attainable irregularities within the vote depend.
She stated the proposed board of administrators collectively don’t recognise the end result of right this moment’s EGM. “We might be calling for an investigation over attainable irregularities within the vote depend of right this moment’s EGM,” she stated in an announcement right this moment.
“It grew to become clear in the course of the digital voting that one decision was not voted on with Heeschen’s 323 million shares. The significance of that time is it proves that the bodily proxy kind as given by Heeschen prior to the EGM was not recognised,” she claimed.
She additionally alleged KNM denied their request for an impartial lawyer to observe the vote depend on the EGM.
Meanwhile, Heeschen stated the group is assessing the scenario and can talk about with its advisers. “Our choices vary from conditional provides to dialogues with collectors and different stakeholders,” he added.
In a press briefing in Kuala Lumpur final week, Heeschen stated his presence in Malaysia was to defend his funding and that this was not a “hostile takeover”.
KNM’s shares had been unchanged at 12 sen on the shut, valuing the group at RM445.9 million.
