KNM Group Berhad (KLSE:KNM) entered into an agreement to acquire the remaining 99.34% stake in Petrosab Petroleum Sdn Bhd from Petrosab Sdn Bhd for MYR 1 on January 14, 2019. KNM Group will acquire 6.1 million shares of Petrosab Sdn Bhd. Post completion Petrosab Petroleum Sdn Bhd will become the wholly owned subsidiary of KNM Group.

The acquisition will not have any material effect on the earnings per share, net assets, gearing, share capital and substantial shareholders' shareholding of the KNM Group for the financial year ending December 31, 2019.