KNM announced that its German units Borsig Group, has entered into a new replacement Facility Agreement with Landesbank Baden-Württemberg and other participating financial institutions for a Euro 60 million credit facility.
The main reason for the facility is to ensure Borsig Group can continue with its operations as normal. The tenure of the loan is for 3 years after the signing day and options to further extend by one year each.
The group said the credit facilities is not expected to have any effect on the issued and paid-up share capital of the Company nor the shareholdings of the Company's substantial shareholders.
Having considered all aspects of the credit facilities, the Board of Directors is of the opinion that the acceptance of the Credit Facilities is in the best interest of the Company and the Borsig Group in general.
