KNM chairman ready to fight German tycoon’s hostile bid

Free Malaysia Today

Tunku Yaacob Khyra is confident of prevailing in the takeover battle initiated by Andreas Heeschen.  Read More: https://www.freemalaysiatoday.com/category/highlight/2023/09/18/knm-chairman-ready-to-fight-german-tycoons-hostile-bid/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: http://bit.ly/2Rn6xEV Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on Twitter: http://bit.ly/2OCwH8a  Follow FMT on Instagram: https://bit.ly/2OKJbc6 Follow FMT on TikTok : https://bit.ly/3cpbWKK Follow FMT Telegram - https://bit.ly/2VUfOrv Follow FMT LinkedIn - https://bit.ly/3B1e8lN Follow FMT Lifestyle on Instagram: https://bit.ly/39dBDbe ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTBusiness #KNMGroup #TunkuYaacobKhyra #RavindrasinghamBalasingham #BringItOn #AndreasHeeschen

Transcript

00:00 The brewing takeover battle for K&M Group will soon come to a head.

00:07 To those seeking to topple him as chairman, largest shareholder Tunku Yaqub Khaira has

00:12 told them to bring it on.

00:15 He has stressed that he is still in control.

00:19 CEO Ravindra Singham Balasingham talks to FMT Business on the fight for control of the

00:25 financially distressed oil and gas crew.

00:30 But I think if you go and trace the history of K&M, you'll probably find that Heshan is

00:37 probably the latest addition.

00:41 There's been other reports in the newspaper.

00:43 I have no idea who and what, but it gives you an inkling that there are others involved.

00:52 He himself is a party acting in concert with other parties.

00:57 He only owns a small share.

00:59 Why do you think his attempts have failed?

01:01 It's very simple.

01:02 You want to sell something, I give it to you, you just pay me and we walk away.

01:08 So K&M Group, always willing to give away the assets they are selling, provided the

01:16 price is right.

01:18 And if the price is right, or like what happened last year, we agreed the price, but the buyer

01:24 was unable to fulfil the payment.

01:27 Even this happened this year.

01:29 I'm not saying it doesn't matter.

01:30 This is the risk of a sale and purchase.

01:33 K&M shareholders' perspective, what is important?

01:37 I have been faithful to K&M, I've held the shares for this long.

01:41 Suddenly there's a takeover group who just acquired into it and wants to snatch the important

01:47 asset.

01:50 So will I lose out?

01:54 If I remove the jewel, the group is worth little.

02:00 So what are we doing, the current management doing?

02:02 We are going for the IPO of BOSIC.

02:05 Why?

02:06 The reason for it is obviously to pare down the debt as much as possible, but we continue

02:11 to hold a good share of BOSIC after the IPO.

02:15 So we continue to benefit from BOSIC.

02:18 And when our financials turn around, there's nothing stopping us from acquiring more BOSIC

02:25 and taking a stronger role in BOSIC in the future.

02:30 Conservatively for pre-IPO, it depends.

02:35 We are talking to a few parties, anywhere from 300 to 345.

02:40 Normally when you do a pre-IPO, they will expect to come in at a discount, it's normal,

02:46 the cornerstone investors.

02:48 But this will be strategic investors, not investors who will sell down on IPO.

02:52 They want to come in because of the technology that BOSIC has, the future value of that technology.

03:00 [BLANK_AUDIO]

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