General Announcement

22/10/2004

1. The proposed joint venture arrangement between KNM International Sdn Bhd (KNMI), a wholly-owned subsidiary of KNM, and FBM-Hudson Italiana SpA (FBM), which involves - (a) the proposed acquisition by KNMI of 50% of the issued and paid-up share capital of the issued and paid-up share capital of FBM-KNM FZCO (JVCO), a company incorporated in the Jebel Ali Free Zone, Dubai, United Arab Emirates, from FBM for a cash consideration of Euro 10 million or equivalent to RM45.6 million, based on an exchange rate of RM4.56 per Euro 1.00; and (b) the proposed subscription of Euro 2 million or equivalent to RM9.12 million, based on an exchange rate of RM4.56 per Euro 1.00, each by KNMI and FBM respectively in new ordinary shares of the JVCO upon completion of the Proposed Acquisition, (Proposed Joint Venture); and 2. The Proposed Commercial Cooperation between KNMI and FBM (Proposed Commercial Cooperation) (collectively referred to as Proposals).

KNM GROUP BERHAD

Type

Announcement
Subject1. The proposed joint venture arrangement between KNM International Sdn Bhd (KNMI), a wholly-owned subsidiary of KNM, and FBM-Hudson Italiana SpA (FBM), which involves -

(a) the proposed acquisition by KNMI of 50% of the issued and paid-up share capital of the issued and paid-up share capital of FBM-KNM FZCO (JVCO), a company incorporated in the Jebel Ali Free Zone, Dubai, United Arab Emirates, from FBM for a cash consideration of Euro 10 million or equivalent to RM45.6 million, based on an exchange rate of RM4.56 per Euro 1.00; and

(b) the proposed subscription of Euro 2 million or equivalent to RM9.12 million, based on an exchange rate of RM4.56 per Euro 1.00, each by KNMI and FBM respectively in new ordinary shares of the JVCO upon completion of the Proposed Acquisition,

(Proposed Joint Venture); and

2. The Proposed Commercial Cooperation between KNMI and FBM (Proposed Commercial Cooperation)

(collectively referred to as Proposals).

Contents :

We refer to our announcements dated 21 May 2004, 14 September 2004 and 5 October 2004 on the Proposals, and are pleased to announce that the Proposed Joint Venture has been completed and that KNMI and FBM have mutually agreed on a deemed completion date of 15 October 2004.


Under the terms of the Commercial Co-operation Agreement dated 21 May 2004 between KNMI and FBM, the Proposed Commercial Cooperation is likewise deemed effective as at 15 October 2004.

This announcement is dated 22 October 2004.


Announcement Info

Company NameKNM GROUP BERHAD  
Stock Name KNM
Date Announced22 Oct 2004  
CategoryGeneral Announcement
Reference NoKG-041019-64737

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