Thursday, November 16, 2023

Can MYCRON surge a signal for privatization from Melewar ?



The recent boardroom tussle in KNM had the spot light shining towards Tunku Dato Yaakob Khyra. Despite able to fence off the German billionaire led boardroom revamp, there are still much to be done in order to bring KNM out of the dark.

To recap on, Tunku Dato Yaakob Khyra is the single largest shareholder in KNM through indirect shareholding from Melewar Industrial Group Bhd, which is held by MAA Group Bhd.

Melewar > 29.89% MAA > 9.44% KNM

It is also known that Tunku Dato Yaakob Khyra control Mycron through Melewar.

Melewar > 74.13% Mycron

The restructuring of KNM involve a series of asset disposal as well as listing of core asset - Borsig GMBH. However, KNM restructuring effort could had hit a speed bump when Italian Government block the sale of FBM Hudson.



KNM had applied for PN17 extension for 1 year.



While the result of the extension is still unknown, there are some solid movement from Tunku Dato Yaakob Khyra in fund raising activities. The latest involving an asset sale  from MAA Philipine business for RM 235 million.



While there are much more to be done, the sudden surge in Mycron could raise some eyebrown.


Given Melewar already own 74.13% of Mycron, the surge could ring a bell on potential privatization as to enhance the balance sheet of Melewar.

It is worth to note that the NTA of MYCRON is RM 1.51 based on last financial quarter.

At a steep 50% discount for take over offer will still put it at RM 0.75.

For now, it is anyone guesses on what will be the outcome of Mycron. I wished to inform that I am invested in Mycron as to see along with potential corporate movement.



IMPORTANT NOTICE
Please be informed that I am not a professional or certified analyst. I am not a licensed consultant, just a normal retail investor. I am just sharing my ideas and opinion on the market outlook. Any company mentioned should not be interpreted as a buy/sell/trade call. Please do your own research and buy/sell/trade at your own risk.



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