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AFTER much deliberation by KNM Group Bhd about how it would seek to get back on track, especially in fixing its mounting debt, a decision has been made to flog off its prized asset.
KUALA LUMPUR: KNM Group Bhd's subsidiary Deutsche KNM GmbH (DKNM) has entered into an agreement with GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for the proposed disposal of 100% equity interest in Borsig GmbH for a consideration of EUR220.8mil (RM1.03bil).
KNM Group Bhd has sold its entire stake in Borsig GmbH, a German-based process equipment manufacturer, to GPR Siebzigste Verwaltungsgesellschaft mbH (GSV) for €220.8 million (RM1.03 billion), but is expected to make an estimated loss of RM490.55 million from the disposal.