Knm To Sell Loss Making Fbm Hudson For Rm84mil

(From left) Officine representative Pierluigi Piccoli, Domenico Colloca (BMC), Tunku Yaacob Khyra and KNM Group CEO Ravindrasingham Balasingham at the signing ceremony.PETALING JAYA: KNM Group Bhd’s wholly-owned unit KNM Europa BV has finalised a deal to divest its 100% equity in loss-making FBM Hudson Italiana SpA (FBM Hudson) to two parties for 16.5 million euros (RM84.47 million).
In a statement today, the oil and gas services provider announced the signing of the share sale and purchase agreement between Italy-based FBM Hudson and purchasers BM Carpenterie, Oil and Gas Srl (BMC) and Officine Piccoli SpA (Officine).
It said BMC will acquire 60% of the 746,501 ordinary shares while Officine will acquire the remaining 40% of the share capital of FBM Hudson.
“The purchasers will be acquiring FBM Hudson and its wholly-owned subsidiary, FBM-KNM FZCO (FZCO), based in the United Arab Emirates (UAE),” said KNM, a Practice Note 17 (PN17) company.
As a result of this disposal, the purchasers assumed all debts and liabilities of FBM Hudson and FZCO, ensuring a positive equity and cash position for the two entities to thrive and grow, it added.
“This strategic decision reflects KNM Group’s commitment to optimising its portfolio and focussing on core profitable businesses as part of our ongoing efforts to strengthen the group and drive sustainable growth,” said KNM chairman Tunku Yaacob Khyra.
Established in 1941, FBM Hudson is principally engaged in the design and manufacture of heat exchangers and high-pressure equipment for oil and gas, chemicals, petrochemicals, oil refining, power, and fertilisers.
The disposal is subject to condition precedents, most notably the “Golden Power” approval by the Italian government.
Last November, the Italian government rejected the proposed disposal of KNM Europa BV’s entire stake in FBM Hudson to the UAE’s Petro MAT FZCO.
At the market close, KNM’s share price was up by 0.5 sen or 6.25% at 8.5 sen, giving the group a market capitalisation of RM344 million. - FMT

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