Bursa Malaysia Takes Legal Action Against MAAG, KNM Over EGM Resolution
KUALA LUMPUR, Oct 29 (Bernama) -- Bursa Malaysia Securities Bhd has filed an originating summons in the High Court of Malaya against MAA Group Bhd (MAAG), CIMSEC Nominees (Tempatan) Sdn Bhd, KNM Group Bhd (KNMG) and KNM Process Systems Sdn Bhd.
Bursa Malaysia said the legal action was initiated due to concerns over the manner in which a resolution was proposed by MAAG for the extraordinary general meeting (EGM) scheduled for Oct 30, 2025.
It said the resolution pertains to the proposed sale of Deutsche KNM GmbH (DKNM) for €270 million (1€=RM4.88).
“Bursa Securities is of the view that the resolution does not comply with the disclosure and approval requirements under the Main Market Listing Requirements (MMLR), including obtaining the necessary clearance from Bursa Securities.
“Accordingly, we believe the resolution should not be tabled or voted on until these requirements are met,” it said in a statement.
Bursa Securities is seeking, among others, a court order under Section 360(1)(c) of the Capital Markets and Services Act 2007 to direct the defendants to cease their contraventions of the MMLR, including an order that the proposed special resolution on the disposal of DKNM shall not be discussed until full compliance is achieved.
It also seeks a declaration that any resolution passed in contravention of the MMLR be deemed invalid and unenforceable, an order for the immediate public disclosure of the court’s directives via Bursa LINK, and directions for the EGM chairman to adjourn the meeting if the court has not ruled on the matter before the EGM commences.
At today’s proceedings, the High Court granted the defendants time to reply to Bursa Securities’ affidavit and fixed the hearing for Nov 19, 2025, while Bursa Securities reiterated that KNMG remains a listed issuer until Nov 4, 2025.
This follows KNMG’s withdrawal of its appeal against delisting on Oct 27, 2025.
“Accordingly, as per our notice dated Oct 3, 2025, KNMG’s securities will be officially delisted from the official list of Bursa Securities effective Nov 5, 2025,” it added.
-- BERNAMA