KNM Europa B.V., a wholly owned sub-subsidiary of KNM Group Berhad said it has successfully transferred its 100% equity in FBM Hudson Italiana S.p.A. with a Sale and Purchase agreement between the company and Purchasers: BM Carpenterie, Oil and Gas S.r.l., (BMC) and Officine Piccoli S.p.A. (Officine).
The signing ceremony was graced by Chairman of KNM Group Berhad: Y.M. Tunku Dato Yaacob Khyra and officiated by Group Chief Executive Officer of KNM Group Berhad.
The disposal of 100% equity in FBM Hudson Italiana S.p.A. comprises 746,501 ordinary shares for an aggregate cash consideration of EUR 16,500,000.00. It said BMC acquires shares representing 60% and Officine acquires shares representing the remaining 40% of the share capital of FBM Hudson Italiana S.p.A. The Purchasers will be acquiring FBM Hudson Italiana S.p.A. and its wholly owned subsidiary, based in UAE, FBM-KNM FZCO. As a result of this disposal KNM said the Purchasers assume all debts and liabilities of FBM Hudson, Italiana and UAE, and ensure a positive equity and cash position for these two entities to thrive and grow into the future.
FBMHI, established in 1941, is principally engaged in the design and manufacture of heat exchangers and high-pressure equipment for oil and gas, chemical, petrochemical, oil refining, power and fertiliser.
The disposal is typically subject to condition precedents, most notably the Golden Power approval by the Italian Government.
