PETALING JAYA: MAA Group Bhd has emerged as a substantial shareholder in KNM Group Bhd 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 Group, which has a significant general insurance business, said in a filing with Bursa Malaysia yesterday, that the acquisition was a good investment relative to KNM’s net assets per share of 53 sen.

       For the financial year ended Dec 31, 2020, KNM posted a profit after tax of RM56.57mil and net assets of RM1.775bil.

       MAA Group said 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.