Tuesday 23 Apr 2024
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KUALA LUMPUR (Feb 7): BTM Resources Bhd said Proven Venture Capital PLT has emerged as its substantial shareholder with a 14% stake, after acquiring 153.32 million shares through the company’s rights issue.

With this, Proven Venture is likely to be one of the largest shareholders in BTM Resources after the Yong family, which is led by managing director Datuk Seri Yong Tu Sang. Yong owned a 8.9% direct interest and 18.45% indirect interest in the company as at Jan 10.

Proven Venture is jointly owned by more than 100 limited partners consisting of high-net-worth entities and individuals.

The firm owns a 5% stake in Local Assembly Sdn Bhd, a little-known Johor-based electronic manufacturing services (EMS) provider that is in the midst of a reverse takeover of LTKM Bhd.

BTM Resources had undertake a six-for-one rights issue, priced at eight sen per share, along with free detachable warrants. The total number of rights shares and warrants were 921.57 and 307.19 million, respectively.

The rights issue, which was under-subscribed by 10.2%, helped raise some RM73.73 million in total for the Terengganu-based wood processing company, which has been loss-making since the financial year ended Dec 31, 2017 (FY2017).

In 9MFY2022, the group recorded a slightly reduced net loss of RM4.36 million, compared with RM4.97 million in the previous corresponding period, while revenue grew 11% to RM5.95 million from RM5.38 million.

Shares of BTM Resources closed unchanged at six sen on Tuesday (Feb 7), valuing the group at RM71.83 million.

Edited ByS Kanagaraju
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