KUALA LUMPUR, 29 October 2025 — Bursa Malaysia Securities Berhad (“Bursa Securities”) has initiated legal proceedings in the High Court of Malaya at Kuala Lumpur against MAA Group Berhad (MAAG), CIMSEC Nominees (Tempatan) Sdn Bhd, KNM Group Berhad (KNMG), and KNM Process Systems Sdn Bhd, in a move to uphold market integrity and investor protection.
The regulatory action stems from concerns regarding the manner in which a resolution was proposed by MAAG for KNM Group’s Extraordinary General Meeting (EGM) scheduled for 30 October 2025, which involves the proposed sale of Deutsche KNM GmbH (DKNM) for EUR270 million.
Bursa Securities said the resolution was non-compliant with disclosure and approval requirements under the Main Market Listing Requirements (MMLR), as it had not received the necessary clearance from the exchange.
“We believe the resolution should not be tabled or voted on until these requirements are met,” Bursa Securities said in its statement.
Court Action and Relief Sought
In its originating summons, Bursa Securities is seeking several orders, including:
- An order under Section 360(1)(c) of the Capital Markets and Services Act 2007 (CMSA) for the Defendants to cease contraventions of the MMLR, including halting the proposed special resolution related to the Proposed Disposal of DKNM until full compliance with Paragraph 10.11A of the MMLR is achieved.
- A declaration that any resolution passed in contravention of the MMLR is invalid and unenforceable.
- An order for immediate public disclosure of the court’s directives via Bursa LINK.
- Directions for the EGM Chairman to adjourn the meeting if the court has not ruled on the matter before it commences.
The High Court has granted the Defendants time to respond to Bursa Securities’ affidavit, with the hearing set for 19 November 2025.
KNM Group Delisting Timeline
Bursa Securities also reiterated that KNM Group remains a listed issuer until 4 November 2025, following the company’s withdrawal of its appeal against delisting on 27 October 2025.
As previously announced on 3 October 2025, KNM Group’s securities will be officially delisted from the Official List of Bursa Securities effective 5 November 2025.
Bursa Reaffirms Commitment to Market Confidence
Bursa Securities said it remains committed to maintaining transparency, fairness, and orderly market operations, emphasising that the integrity of Malaysia’s capital market is its top priority.
“The integrity of the capital market is paramount, and Bursa Securities will continue to take all necessary steps to uphold public confidence,” the exchange stated.