It will vote against board member candidates proposed by German businessman Andreas Heeschen in the upcoming EGM.
MAA Group says any change in KNM Group’s management and board will be disruptive and potentially destroy the company’s shareholder and creditor value.
The EGM next Monday will be considering resolutions to appoint a new lineup of directors including Heeschen himself, Johor princess Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar, and former KNM executive director Flavio Porro. “ executive director should take full responsibility for their inability to manage the companies under their charge, and owe a fiduciary duty, to always act, in the best interest of the company,” the statement read.
In today’s statement, MAA also commended KNM CEO Ravindrasingham Balasingham for successfully securing the confidence and support of its creditors since his appointment on Nov 8, 2022.
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