KUALA LUMPUR (Oct 27): A unit of KNM Group Bhd, which carries RM1.6 billion in total cost of investment, has been slapped with a winding-up petition from a vendor over the failure to pay a settlement sum of US$8.5 million (RM40.08 million). In a filing on Thursday (Oct 27), the process equipment manufacturer said its wholly-owned subsidiary KNM Process Systems Sdn Bhd (KNMPS) had on Wednesday (Oct 26) been served a winding-up petition from United Arab Emirates-based IPL Middle East DMCC. “KNMPS was unable to pay the settlement sum according to the payment plan, and consequently the petitioner (IPL Middle East) initiated this petition to wind up KNMPS,” KNM said. KNM noted that the unit is not a major subsidiary of the company under the Main Market Listing Requirements (MMLR) of Bursa Malaysia Securities Bhd. KNM said the winding-up petition is fixed for case management on Thursday, and for hearing on Jan 19, 2023.
