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BTM Resources drops plan to acquire stake in BMW car dealer
by Cals Wed 20 Jan 2016, 08:59
BTM Resources drops plan to acquire stake in BMW car dealer
By Yimie Yong / theedgemarkets.com | January 19, 2016 : 8:40 PM MYTKUALA LUMPUR (Jan 19): [size=16]BTM Resources Bhd ([You must be registered and logged in to see this image.] Valuation: 0.30, Fundamental: 1.65)'s unit has ceased acquisition talks for no less than 51% stake in BMW car dealer Pendragon Auto Sdn Bhd.
In a filing with Bursa Malaysia today, BTM Resources said its wholly-owned subsidiary BTM Marketing & Trading Sdn Bhd will no longer discuss with Pendragon Auto the share sale agreement or share subscription agreement as on Jan 15.
BTM Marketing has received a letter from Pendragon Auto indicating that they are unable to proceed with the agreement.
According to filing dated Aug 11, 2015, BTM Marketing has entered into a preliminary discussion with Pendragon Auto, to acquire or hold an effective stake of no less than 51% in Pendragon Auto.
Pendragon Auto is an exclusive BMW car dealer in the East Coast of Malaysia, spanning from the states of Pahang to Terengganu and Kelantan since July 5, 2010.
BTM shares closed unchanged at 29.5 sen today, for a market capitalisation of RM36.96 million.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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