KUALA LUMPUR (July 4): Integrated health supplement company Bioalpha Holdings Bhd's founder, managing director and chief executive officer William Hon Tian Kok has emerged as a substantial shareholder of loss-making timber firm BTM Resources Bhd.

A filing with Bursa Malaysia on Tuesday (July 4) showed that Hon acquired 60.51 million shares in BTM Resources via off-market trade last Friday (June 30). A back-of-an-envelope calculation indicated that the shares would have cost Hon RM5.4 million based on BTM Resources’ closing price of nine sen on June 30.

The purchase brings Hon’s total shareholding to 95.57 million shares, which represents a 7.606% direct stake in the company.

In December last year, Hon had emerged as a substantial shareholder of timber products manufacturer Auro Holdings Bhd, after acquiring 6.85 million shares in the company via the open market and bringing his stake to 31.85 million shares or a 5.614% stake. However, he ceased to be one after disposing of 19.5 million shares on May 26 this year.

BTM Resources had last year ventured into the biomass energy business to diversify its income stream. Apart from a 10-megawatt (MW) biomass renewable electrical power plant located at Telok Kalong, Kemaman, Terengganu, the group has also secured another 7MW biomass renewable electrical power plant, also located at Telok Kalong.

BTM Resources shares closed unchanged at nine sen on Tuesday, giving it a market capitalisation of RM113.08 million.