BTM Resources drops plan to acquire stake in BMW car dealer

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KUALA LUMPUR (Jan 19): BTM Resources Bhd'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.

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