Tunku Yaacob Khyra is ‘not worried’ about bid to take over KNM and is prepared to invest more to protect his interest in the company, says its CEO and MD Ravindrasingham Balasingham.
“Bring on the EGM! That’s Tunku Yaacob’s ,” said KNM CEO and managing director Ravindrasingham Balasingham in an exclusive interview with FMT Business. “Maybe we need an EGM, to send a message to everyone that ‘I have control and I’m not going to relinquish it to anybody’,” said Ravindrasingham, who was appointed to his roles last November 2022.
In contrast, KNM’s market capitalisation of about RM445 million is considerably lower than Borsig’s value. “One group is coming in, eyeing the main asset, the jewel ,” he said, adding that it was in contrast to the board’s competitive monetisation process to pare down its external debts amounting to about RM1.17 billion.
Ravindrasingham estimates that KNM will generate proceeds of about RM900 million from the Borsig IPO.
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