PETALING JAYA: KNM Group Bhd has missed the principal and coupon payments on bonds issued in Thailand amounting to 2.78 billion baht (RM352.57mil) which matured yesterday.

       In its filing with Bursa Malaysia, the oil and gas equipment and services group said it had encountered challenges and delays in refinancing the Thai Bonds due to the Covid-19 pandemic and unfavourable operating conditions of its subsidiary in Thailand, namely Impress Ethanol Co Ltd, which owns and operates an ethanol plant in Thailand.

       KNM said it is in an advanced stage of discussions with several financial institutions to secure new financing to deem the bonds.