Billionaire Andreas Heeschen recently acquired a substantial stake in KNM and is now seeking to remove the board of directors.
German businessman Andreas Heeschen, a majority shareholder of German firearms maker Heckler & Koch, emerged as KNM Bhd’s second largest shareholder with a 7.91% stake or 320 million shares on Sept 1.
Year-to-date, the stock of the Practice Note 17 status company has more than doubled from 5 sen on Dec 30, 2022. Emerging as the second largest shareholder with a 7.91% stake or 320 million shares on Sept 1, Heeschen is reported to be the majority owner of German-based firearms manufacturer Heckler & Koch.
The group also proposed to appoint another six new directors, including Heeschen and Flavio Porro, a former executive director of KNM. However, KNM was unsuccessful in finalising the sale, which lead to it mulling the possibility of listing Borsig as an alternative option.
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