German investor says a listing in Germany where Borsig mainly operates makes more sense.
German tycoon Andreas Heeschen denies he’s undertaking a hostile takeover of KNM Group, and is just protecting his investment.
The incumbent board led by Tunku Yaacob Khyra, the largest shareholder with 9.5% direct interest, is looking for a pre-initial public offering by end-2023 and IPO by the second half of 2024 for the German machinery and equipment company. “IPOs are extremely fickle processes, there are many people , there’s a lot of commitment of time, there are many professionals that cost a lot of money, to do something like that,” he said at a press conference called by the shareholders seeking the board’s removal at an extraordinary general meeting next Monday.
“It already 10 months since the the first announcement of the IPO. Where are we with the corporate exercise?,” he asked. After the bond is issued, they said a shareholder capital increase estimated at up to RM600 million will be placed. The statement said the Borsig IPO “can still be accomplished”, assuming the conditions are favourable to the KNM shareholders.
Italia Ultime Notizie, Italia Notizie
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