KUALA LUMPUR (Dec 16): KNM Group Bhd said Credit Guarantee and Investment Facility (CGIF), a trust fund managed by the Asian Development Bank, has made repayment on behalf of the group to its bondholders in Thailand. In the bourse filing, KNM said it received a reimbursement demand notice from CGIF via email on Wednesday (Dec 15), after the latter made the repayment to the bondholders. KNM said the non-payment of the principal sum and coupon payment on the Thai bonds was due to a “funding and timing mismatch”. On Nov 22, KNM proposed a private placement of 10% of its share capital to raise up to RM53.46 million to reduce its debt (RM30 million) and raise working capital (RM22.16 million). Shares of KNM closed unchanged at 14 sen on Thursday (Dec 16), giving the oil and gas group a market capitalisation of RM468.04 million.

Source: The Edge Markets December 17, 2021 05:25 UTC