KUALA LUMPUR: KNM Group Bhd 's share price rose to a high of 29 sen in active trade on Friday following news that MAA Group had emerged as a substantial shareholder in the company.

       At 9.20am, shares in KNM had eased to a one sen or 3.64% gain of 28.5 sen on the back of over 20 million shares traded.

       The counter was the most heavily traded on Bursa Malaysia at the time of writing.

       It was announced yesterday that MAA Group had become a substantial shareholder in KNM with a 7% stake.

       MAA paid RM52.9mil for 233 million shares on the open market, at an average price of 22.7 sen per share, from Aug 3 to Sept 1, 2021.

       MAA, which has a significant general insurance business, said the acquisition was a good investment relative to KNM’s net assets per share of 53 sen.

       It added that the investment was based on good underlying prospects coupled with improved oil prices.

       KNM has core businesses in project management, engineering, manufacturing and construction for the renewable energy, power, utilities, refining and petrochemical industries.