KNM Group sees major boardroom changes

by TMR/ pic by TMR FILE

KNM Group Bhd unit, KNM Process Systems Sdn Bhd (KNMPS), has entered into a heads of joint-venture (JV) agreement with ADAP Capital Sdn Bhd to set up a JV company in respect of oil, gas and petrochemical projects in Sarawak.

This will pertain engineering, procurement and construction contracts, manufacture and supply of process equipment, tanks, piping and structures for oil, gas and petrochemical plants, beside build, own and operate strategic projects, subject to feasibility and a separate project agreement.

Among the salient terms are that ADAP Capital shall subscribe 51% equity, while KNMPS shall subscribe the 49% equity in the JV company. The agreement is valid for a period of 12 months from the date of execution and may be extended for another period subject to written approval by both parties.

In a separate exchange filing, KNM saw the appointment of Tan Koon Ping from group CFO to group CEO following the retirement of the former Lee Swee Eng, with Wong Toh Sing taking the helm as the new CFO, while Madam Gan Siew Liat saw her post being redesignated to vice chairman from ED. All boardroom changes will take effect tomorrow.