epa05100087 A worker polishes a BMW logo on a car during the inauguration of the Brussels Motor Show in Brussels, Belgium, 13 January 2016. The Motor show will run from 14 to 24 January. EPA/LAURENT DUBRULE
KUALA LUMPUR: BTM Resources Bhd
’s plan to buy a majority stake of at least 51% in the exclusive BMW car dealer in the East Coast has fallen through.
The timber product manufacturer told Bursa Malaysia that its unit BTM Marketing & Trading Sdn Bhd had ceased discussion with Pendragon Auto Sdn Bhd, which indicated that it was unable to proceed with share sale or share subscription agreement.
BTM did not mention any reason.
BTM had announced the start of preliminary discussion with Kuantan-based Pendragon Auto on Aug 11 last year with the aim to eventually sign a definitive agreement resulting in BTM Marketing acquiring or holding an effective stake of no less than 51% in Pendragon Auto.
Pendragon Auto has been an exclusive BMW car dealer in the East Coast since July 5, 2010, covering Pahang, Terengganu and Kelantan.
BTM incurred annual losses from 2010 to 2014, and for the first nine months of last year, it posted an unaudited net loss of RM1.34mil.
BTM shares closed unchanged at 29.5 sen on Tuesday, with 628,500 shares changing hands.
Limited time offer:
Just RM5 per month.
