Malaysia's KNM Capital cancels plans for $350 million of exchangeables

By Marisa Wong

Madison, Wis., May 31 - KNM Capital Sdn. Bhd. has decided not to issue its previously proposed $350 million of exchangeable bonds, according to an announcement by Maybank Investment Bank Bhd.

The issuance was initially proposed in June 2008. In December the Malaysia Securities Commission approved an extension until May 30 for the issuance of the exchangeables.

KNM Capital is the Kuala Lumpur, Malaysia-based financial subsidiary of KNM Group Bhd., an investment holding company whose subsidiaries are involved in integrated systems design and engineering, international procurement and manufacture of process equipment for the oil, gas and petrochemical industries.

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