KUALA LUMPUR (Nov 27): KNM Group Bhd’s €270 million (RM1.34 billion) sale of its German unit, Deutsche KNM GmbH (DKNM), has missed its Nov 26, 2025 deadline with buyer NGK Insulators Ltd of Japan.

In a statement to update the status of the sale, KNM said NGK is concerned about Bursa Malaysia Securities Bhd’s legal action against KNM — which was delisted on Nov 5, 2025 — for pushing through the sale. NGK also said it needs more time to assess the impact of the delisting — specifically those requiring approvals from Bursa Malaysia — on the conditions precedent before closing the deal, according to the statement.

KNM said the sale agreement remains valid, and while NGK can withdraw its offer, no notice has been given. The group is discussing next steps with NGK, which may include extending the timeline or exploring other options under the agreement.

KNM delisted to facilitate the sale, which it considers crucial for the group’s revival.

The group had previously clashed with regulator Bursa Malaysia after major shareholder MAA Group Bhd (KL:MAA) tried to hold a shareholder vote on the disposal of DKNM without following proper procedures.

Bursa Malaysia brought MAA, CIMSEC Nominees (Tempatan) Sdn Bhd, KNM and its unit, KNM Process Systems Sdn Bhd, to court to stop a previously slated Oct 30 extraordinary general meeting (EGM) from being held.

The Oct 30 EGM was subsequently adjourned to Nov 6, with KNM’s shareholders voting to approve the deal then.