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aws全区号(www.2km.me)_Short Position - KNM spotlight,M&A Securities

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KNM’s recent Esos offering, with exercise price of 11 sen, had caught the attention of the market, including the Minority Shareholder Watch Group (MSWG), which had sought an explanation from KNM at its recent AGM.

KNM in spotlight again

THE ongoing saga at asset-rich KNM Group Bhd seems to have had some interesting developments this week.

Stock exchange filings show that its chief executive officer Terence Tan Koon Ping had disposed of three million shares into the open market this week.

These shares were part of Tan’s exercise of the recently granted employee share option scheme (Esos).

Tan, the former chief financial officer of KNM, started helming the group when he assumed the role of CEO in July 2020 following the stepping down of founder and former group CEO Lee Swee Eng.

Group chief financial officer Wong Toh Sing also sold 1.75 million shares this week. Of these, 1.65 million were from the Esos exercise.

KNM’s recent Esos offering, with exercise price of 11 sen, had caught the attention of the market, including the Minority Shareholder Watch Group (MSWG), which had sought an explanation from KNM at its recent AGM.

MSWG, according to reports, had raised the issue of why former executive vice-chairman Gan Siew Liat and people connected to her had been allocated 87% of the total 91.976 million Esos shares issued and exercised last year.

Meanwhile, MAA Group Bhd, which surfaced as a substantial shareholder in the group last month with a 7.01% stake, also increased its stake this week. Latest filings shows that the cash-rich MAA now holds a direct 7.982% stake with another 2.4% held indirectly.

On the business front, a tranche of RM370mil bond is due in November in Thailand. One wonders if KNM has made any progress towards this.

The previous KNM board under Lee had talked about unlocking value at German-based Borsig GmbH – the group’s prized asset, which is a major contributor to the bottom line. Part of the money to be raised will go to repay debts.

KNM will remain a company watched by all, especially on what moves MAA decides to nudge it toward, considering that it is now one of the largest shareholders.

M&A Securities reversing into SYF

SOME shareholders of SYF Resources Bhd weren’t too impressed with the proposed exercise in which boutique investment bank M&A Securities Bhd gets reversed into their company. SYF shares dropped by almost 20% since the announcement. However, it should be noted that SYF’s shares were trading at a mere 17 sen a year ago.

The exercise is a detailed one involving new share issuance – a total of 1.58 billion new SYF shares at an issue price of 14 sen per share – plus a planned dividend to SYF shareholders of a total of 18 sen per share.

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