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发表于 24-10-2020 10:12 AM
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本帖最后由 icy97 于 4-12-2020 07:08 AM 编辑
Type | Announcement | Subject | NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING | Description | BTM RESOURCES BERHAD ("BTM" OR THE "COMPANY") PROPOSED PRIVATE PLACEMENT OF UP TO 10% OF THE ISSUED SHARES IN BTM | On 5 June 2020, M&A Securities Sdn Bhd (“M&A Securities”) had, on behalf of the Board of Directors of BTM (“Board”), announced that the Company proposed to undertake a private placement of up to 20% of the issued shares of BTM.
M&A Securities wishes to inform that after considering the current market conditions, the Board has resolved to revise the issuance size of the above private placement. The revision of the issuance size is as shown below:
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| Original | Revised | 1. | Number of Placement Share(s) | Issuance of up to 28,268,000 new BTM Shares, representing not more than 20% of the issued shares of the Company | Issuance of up to 14,134,400 new BTM Shares, representing not more than 10% of the issued shares of the Company |
As such, the private placement shall now involve the issuance of up to 10% of the issued shares of BTM to independent investors (“Proposed Private Placement”).
Kindly refer to the attachment for further details of the Proposed Private Placement.
This announcement is dated 6 July 2020. |
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3066353
Type | Announcement | Subject | NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING | Description | BTM RESOURCES BERHAD ("BTM" OR THE "COMPANY") PROPOSED PRIVATE PLACEMENT OF UP TO 10% OF THE ISSUED SHARES IN BTM | (Unless otherwise defined, the definitions set out in the announcement dated 6 July 2020 (“Announcement”) shall apply herein.)
Further to the Announcement in relation to the Proposed Private Placement, M&A Securities on behalf of the Board wishes to announce further information in relation to the Proposed Private Placement as set out in the attachment below.
This announcement is dated 7 August 2020. |
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3075343
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发表于 30-12-2020 08:33 AM
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SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2020 |
| | INDIVIDUAL PERIOD | CUMULATIVE PERIOD | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | 30 Jun 2020 | 30 Jun 2019 | 30 Jun 2020 | 30 Jun 2019 | $$'000 | $$'000 | $$'000 | $$'000 |
| 1 | Revenue | 930 | 2,137 | 3,366 | 4,040 | | 2 | Profit/(loss) before tax | -1,664 | -1,635 | -3,642 | -3,463 | | 3 | Profit/(loss) for the period | -1,664 | -1,635 | -3,642 | -3,463 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | -1,664 | -1,635 | -3,642 | -3,463 | | 5 | Basic earnings/(loss) per share (Subunit) | -1.18 | -1.16 | -2.58 | -2.45 | | 6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent ($$) | 0.1300 | 0.1600
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发表于 15-3-2021 07:53 AM
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本帖最后由 icy97 于 7-7-2021 07:25 AM 编辑
| 1. Details of Corporate Proposal | Involve issuance of new type/class of securities ? | No | Types of corporate proposal | Private Placement | Details of corporate proposal | BTM RESOURCES BERHAD ("BTM" OR THE "COMPANY") - PRIVATE PLACEMENT OF UP TO 10% OF THE ISSUED SHARES IN BTM | No. of shares issued under this corporate proposal | 14,134,400 | Issue price per share ($$) | Malaysian Ringgit (MYR) 0.1600 | Par Value($$) (if applicable) |
| | Latest issued share capital after the above corporate proposal in the following | Units | 155,478,588 | Issued Share Capital ($$) | Malaysian Ringgit (MYR) 31,299,361.000 | Listing Date | 26 Oct 2020 |
SUMMARY OF KEY FINANCIAL INFORMATION
30 Sep 2020 |
| | INDIVIDUAL PERIOD | CUMULATIVE PERIOD | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | 30 Sep 2020 | 30 Sep 2019 | 30 Sep 2020 | 30 Sep 2019 | $$'000 | $$'000 | $$'000 | $$'000 |
| 1 | Revenue | 2,538 | 3,062 | 5,902 | 7,102 | | 2 | Profit/(loss) before tax | 555 | -1,904 | -3,087 | -5,367 | | 3 | Profit/(loss) for the period | 555 | -1,919 | -3,087 | -5,382 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 556 | -1,918 | -3,086 | -5,380 | | 5 | Basic earnings/(loss) per share (Subunit) | 0.39 | -1.36 | -2.18 | -3.81 | | 6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent ($$) | 0.1400 | 0.1600
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发表于 19-10-2021 08:36 AM
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本帖最后由 icy97 于 19-10-2021 09:01 AM 编辑
Type | Announcement | Subject | OTHERS | Description | BTM RESOURCES BERHAD (" BTM" OR THE "COMPANY")INCORPORATION OF 100% OWNED SUBSIDIARY - BTM BIOMASS NZ LIMITED | The Board of Directors of BTM wishes to announce that the Company had on 14 October 2021 incorporated a 100% subsidiary known as BTM BIOMASS NZ Limited. The principal activity of BTM BIOMASS NZ is mainly for marketing and sales of the Company products ,namely biomass wood pellet, moulding timber and finfer-jointed timber in New Zealand and / or Australia.
The details of the announcement is attached herewith
This announcement is dated 18 October 2021. |
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3201708
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发表于 22-1-2022 09:01 AM
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SUMMARY OF KEY FINANCIAL INFORMATION
30 Sep 2021 |
| | INDIVIDUAL PERIOD | CUMULATIVE PERIOD | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | 30 Sep 2021 | 30 Sep 2020 | 30 Sep 2021 | 30 Sep 2020 | $$'000 | $$'000 | $$'000 | $$'000 |
| 1 | Revenue | 1,825 | 2,536 | 5,383 | 5,902 | | 2 | Profit/(loss) before tax | -1,902 | 555 | -4,974 | -3,087 | | 3 | Profit/(loss) for the period | -1,902 | 968 | -4,974 | -2,674 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | -1,902 | 969 | -4,974 | -2,673 | | 5 | Basic earnings/(loss) per share (Subunit) | -1.11 | 0.39 | -3.07 | -2.16 | | 6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent ($$) | 0.1200 | 0.1400
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发表于 5-3-2022 10:09 AM
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Type | Announcement | Subject | OTHERS | Description | SIGNING OF PROPOSED LEASE OF LEASEHOLD LAND BETWEEN BTM BIOMASS PRODUCTS SDN BHD, A 100% SUBSIDIARY OF BTM RESOURCES BERHAD ("BTM") WITH PERBADANAN MEMAJUKAN IKTISAD NEGERI TERENGGANU | The Board of Directors of BTM Resources Berhad is pleased to announce that BTM Biomass Products Sdn Bhd, a 100% subsidiary of of BTM had entered a proposed lease of leasehold industrial land in Telok Kalang, Teregganu from Perbadanan Memajukan Iktisad Negeri Terengganu on 12 December 2021.
Please refer to the attachment for firther details.
This announcement is dated 13 December 2021. |
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3218365
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发表于 20-3-2023 06:15 AM
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| 1. Details of Corporate Proposal | Involve issuance of new type/class of securities ? | No | Types of corporate proposal | Special Issue | Details of corporate proposal | EXECUTIVE SHARE GRANT SCHEME ("ESGS") | No. of shares issued under this corporate proposal | 163,889,200 | Issue price per share ($$) | Malaysian Ringgit (MYR) 0.0000 | Par Value($$) (if applicable) |
| | Latest issued share capital after the above corporate proposal in the following | Units | 1,256,486,718 | Issued Share Capital ($$) | Malaysian Ringgit (MYR) 107,854,751.000 | Listing Date | 09 Mar 2023 |
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发表于 20-3-2023 04:28 PM
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本帖最后由 icy97 于 20-3-2023 04:30 PM 编辑
Notice of Interest Sub. S-hldr (Section 137 of CA 2016)Particulars of Substantial Securities HolderName | DATUK WOO THIN CHOY | Nationality/Country of incorporation | Malaysia | Descriptions (Class) | Ordinary Shares | Name of registered holder | WOO THIN CHOY |
| Date interest acquired & no of securities acquired | Date interest acquired | 08 Mar 2023 | No of securities | 36,000,000 | Circumstances by reason of which Securities Holder has interest | Acceptance of shares offer under Executive Share Grant Scheme ("ESGS") of LTIP | Nature of interest | Direct Interest |  | | Total no of securities after change | Direct (units) | 36,000,000 | Direct (%) | 2.865 | Indirect/deemed interest (units) | 75,182,800 | Indirect/deemed interest (%) | 5.983 | Date of notice | 09 Mar 2023 | Date notice received by Listed Issuer | 09 Mar 2023 |
Name | DATO SERI YONG TU SANG | Nationality/Country of incorporation | Malaysia | Descriptions (Class) | Ordinary Shares |
Details of changesNo | Date of change | No of securities | Type of Transaction | Nature of Interest | | 1 | 08 Mar 2023 | 16,388,900 | Others | Direct Interest | Name of registered holder | YONG TU SANG | Description of "Others" Type of Transaction | Special Issue |
Circumstances by reason of which change has occurred | Acceptance of shares offer under Executive Share Grant Scheme ("ESGS") of LTIP | Nature of interest | Direct Interest | Direct (units) | 113,972,081 | Direct (%) | 9.07 | Indirect/deemed interest (units) | 261,747,299 | Indirect/deemed interest (%) | 20.831 | Total no of securities after change | 375,719,380 | Date of notice | 09 Mar 2023 | Date notice received by Listed Issuer | 09 Mar 2023 |
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发表于 3-9-2023 11:59 AM
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本帖最后由 icy97 于 3-9-2023 12:02 PM 编辑
Date of change | 01 Sep 2023 | Name | MISS OOI GIN HUI | Age | 43 | Gender | Female | Nationality | Malaysia | Type of change | Appointment | Designation | Chief Financial Officer |
Qualifications| No | Qualifications | Major/Field of Study | Institute/University | Additional Information | | 1 | Degree | Bachelor of Commerce (Honours) in Accounting | University Tunku Abdul Rahman | |
| | | Working experience and occupation | Ms Ooi Gin Hui has more than 17 years of working experience in finance, accounting and auditing. Prior joining BTM Resources Berhad, Ms Ooi was the Chief Financial Officer of ACO Group Berhad (a company listed on the ACE Market of Bursa Malaysia Securities Berhad) where she oversaw the finance and accounting functions. She was involved in the process of the listing of ACO Group Berhad where the company was listed on the ACE Market of Bursa Securities on 18 March 2020. Prior to ACO Group Berhad, she was the Group Financial Controller of Tanco Holdings Berhad (a company listed on the Main Market of Bursa Malaysia Securities Berhad). Ms Ooi began her career with Leslie Yap& Co before joining GHL Systems Berhad as an Assistant Accountant and was subsequently promoted as a Finance Manager. She has experience in the areas of auditing,managing the overall accounting and finance functions, internal control, financial planning & reporting, financial risks and corporate planning exercise. |
Date of change | 01 Sep 2023 | Name | MR CHEN KAR MUN | Age | 58 | Gender | Male | Nationality | Malaysia | Type of change | Cessation Of Office | Designation | Others | Reason | Due to the Group's internal re-organisation. | Details of any disagreement that he/she has with the Board of Directors | No | Whether there are any matters that need to be brought to the attention of shareholders | No |
Qualifications| No | Qualifications | Major/Field of Study | Institute/University | Additional Information | | 1 | Degree | Bachelor of Accounting from University of Malaya | Member of Malaysian Institute of Accountants since 1994 | |
| | | Family relationship with any director and/or major shareholder of the listed issuer | No | Any conflict of interests that he/she has with the listed issuer | No | Details of any interest in the securities of the listed issuer or its subsidiaries | 7,847,800 Ordinary Shares representing 0.6246 % of the total Share Capital of listed issuer. |
| Remarks : | | As part of the Group's internal re-organisation, Mr. Chen Kar Mun will be re-designated as Accountant on 1st September 2023. |
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发表于 7-9-2024 06:22 AM
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SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2024 |
| | INDIVIDUAL PERIOD | CUMULATIVE PERIOD | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | 30 Jun 2024 | 30 Jun 2023 | 30 Jun 2024 | 30 Jun 2023 | $$'000 | $$'000 | $$'000 | $$'000 |
| 1 | Revenue | 1,245 | 4,069 | 2,776 | 5,348 | | 2 | Profit/(loss) before tax | -1,716 | -1,459 | -2,554 | -15,475 | | 3 | Profit/(loss) for the period | -1,716 | -1,459 | -2,554 | -15,475 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | -1,716 | -1,459 | -2,554 | -15,475 | | 5 | Basic earnings/(loss) per share (Subunit) | -0.14 | -0.12 | -0.20 | -1.46 | | 6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent ($$) | 0.0600 | 0.0600
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发表于 24-9-2024 06:21 AM
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Expiry/Maturity of the securities
Instrument Category | Securities of PLC | Instrument Type | Warrants | Type Of Expiry | Expiry/Maturity of the securities | Mode of Satisfaction of Exercise/Conversion price | Cash | Exercise/ Strike/ Conversion Price | Malaysian Ringgit (MYR) 0.1600 | Exercise/ Conversion Ratio | 1:1 | Settlement Type / Convertible into | Physical (Shares) | Last Date & Time of Trading | 07 Oct 2024 05:00 PM | Date & Time of Suspension | 08 Oct 2024 09:00 AM | Last Date & Time for Transfer into Depositor's CDS a/c | 16 Oct 2024 04:30 PM | Date & Time of Expiry | 23 Oct 2024 05:00 PM | Date & Time for Delisting | 24 Oct 2024 09:00 AM |
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3484624
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发表于 24-9-2024 08:58 AM
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Notice of Interest Sub. S-hldr (Section 137 of CA 2016)Particulars of Substantial Securities HolderName | DATUK DR HON TIAN KOK @ WILLIAM | Nationality/Country of incorporation | Malaysia | Descriptions (Class) | Ordinary Shares | Name of registered holder | 1. Kenanga Nominees (Tempatan) Sdn. Bhd. & 2. TA Nominees (Tempatan) Sdn. Bhd. |
| Date interest acquired & no of securities acquired | Date interest acquired | 17 Sep 2024 | No of securities | 13,528,500 | Circumstances by reason of which Securities Holder has interest | Acquisition of shares via off-market | Nature of interest | Direct Interest | | | Total no of securities after change | Direct (units) | 92,659,797 | Direct (%) | 7.375 | Indirect/deemed interest (units) | 0 | Indirect/deemed interest (%) | 0 | Date of notice | 23 Sep 2024 | Date notice received by Listed Issuer | 23 Sep 2024 |
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发表于 20-2-2025 04:20 PM
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SUMMARY OF KEY FINANCIAL INFORMATION
31 Dec 2024 |
| | INDIVIDUAL PERIOD | CUMULATIVE PERIOD | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | Three Months | Three Months | Twelve Months | Twelve Months | 01 Oct 2024
To | 01 Oct 2023
To | 01 Jan 2024
To | 01 Jan 2023
To | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | MYR'000 | MYR'000 | MYR'000 | MYR'000 |
| 1 | Revenue | 3,283 | 865 | 6,166 | 7,184 | | 2 | Profit/(loss) before tax | -2,374 | -2,081 | -5,543 | -19,966 | | 3 | Profit/(loss) for the period | -2,374 | -2,064 | -5,543 | -19,949 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | -2,374 | -2,790 | -5,543 | -20,412 | | 5 | Basic earnings/(loss) per share (Subunit) | -0.19 | -0.22 | -0.44 | -1.62 | | 6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent | 0.0500 | 0.0600
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发表于 27-7-2025 01:30 AM
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Type | Announcement | Subject | OTHERS | Description | BTM RESOURCES BERHAD ("BTM") OR ("THE COMPANY")RENEWABLE ENERGY POWER GENERATION PROJECT - RELINQUISHMENT OF FEED-IN TARIFF APPROVAL CERTIFICATE | Reference is made to the Company’s announcements on 2 July 2020, 29 July 2020, 30 July 2020, 23 November 2020, 27 April 2021, 14 June 2022, 21 August 2023, 27 February 2024, 12 August 2024 and 13 August 2024 in relation to the Feed-in Tariff approval granted by the Sustainable Energy Development Authority Malaysia (“SEDA”) on 1 July 2020 to the Company’s wholly-owned subsidiary, BTM Biomass Products Sdn Bhd (“BTMBP”) pursuant to the Renewable Energy Act 2011, to finance, design, supply, build, own, operate and maintain a renewable electrical energy power plant with a capacity to supply 10 Mega Watt per hour of electricity to Tenaga Nasional Berhad at a fixed tariff rate of RM0.3486 per kilowatt hours under the Feed-in Tariff system for a period of twenty-one (21) years ("Biomass Power Plant") (“1st Feed-in Approval”).
The Board of Directors of BTM (“Board”) wishes to inform that BTMBP had on 8 May 2025, received a letter dated 7 May 2025 from the SEDA signifying its agreement to BTMBP's application to formally relinquish the 1st Feed-in Approval. The relinquishment, which took effect on 30 April 2025, was approved by the SEDA pursuant to Rule 19A of the Renewable Energy (Feed-in Approval and Feed-in Tariff Rate) Rules 2011.
BTMBP had submitted the application for the relinquishment of the 1st Feed-in Approval to the SEDA on 30 April 2025 after reassessing the Biomass Power Plant project’s viability in light of current market uncertainties including raw materials price volatility and the availability of favourable financing sources to fund the construction of the Biomass Power Plant after the cancellation of BTMBP’s banking facilities by the financier, as announced by the Company on 27 February 2024.
The Board is of the view that the relinquishment of the 1st Feed-in Approval will not have any material impact to the operation of the Company and its subsidiaries’ (“Group”) business, in view that the construction of the Biomass Power Plant has yet to commence and the operation of the Biomass Power Plant has yet to take place.
Nevertheless, the Group continues to hold another Feed-in Approval dated 31 May 2022 granted by the SEDA to BTM Land Sdn Bhd pursuant to the Renewable Energy Act 2011, to finance, design, supply, build, own, operate and maintain a renewable electrical energy power plant with a capacity to supply 7 Mega Watt per hour of electricity to Tenaga Nasional Berhad at a fixed tariff rate of RM0.3383 per kilowatt hours under Feed-in Tariff system for a period of twenty-one (21) years (“2nd Feed-in Approval”), and the Group is presently reassessing its potential utilisation in light of prevailing market conditions as explained above and may consider to also relinquish its 2nd Feed-in Approval back to the SEDA, if the prevailing market conditions continue in the next six (6) months. Therefore, the Biomass Power Plant project is presently put on hold.
With the Biomass Power Plant project being put on hold, the Group is currently undertaking an internal assessment on the project land in Kemaman, Terengganu, which was initially designated for the operation of Biomass Power Plant, including an alternative strategic utilisation of the said land for other alternate viable business ventures that may provide sustainable and income-generating outcomes for the Group’s long-term growth. At this juncture, the Board is evaluating a potential new business, the details of which have not been finalised. The Company shall make the necessary announcement(s), if required, upon relevant agreements are entered into, in compliance with the Listing Requirements of Bursa Malaysia Securities Berhad.
This announcement is dated 15 May 2025.
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发表于 28-7-2025 02:25 AM
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Type | Reply to Query | Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-19052025-00001 | Subject | Renewable Energy Power Generation Project - Relinquishment of Feed-In Tariff Approval Certificate | Description | BTM RESOURCES BERHAD ("BTM") OR ("THE COMPANY")RENEWABLE ENERGY POWER GENERATION PROJECT - RELINQUISHMENT OF FEED-IN TARIFF APPROVAL CERTIFICATE | Query Letter Contents | We refer to your Company’s announcement dated 15 May 2025, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) The reason for the announcement to be made only on 15 May 2025 when the approval by SEDA for the relinquishment of the Feed-in Tariff approval was received by BTM Biomass Products Sdn Bhd on 8 May 2025.
2) Detailed clarification on the current market uncertainties and raw materials price volatility that resulted in the Group to re-assess the viability of the Biomass Power Plant project.
3) Given that the Biomass Power Plant project has been put on hold with the relinquishment of the 1st Feed-in Approval and the potential relinquishment of the 2nd Feed-in Approval, please elaborate on the Group’s plan with regards to the renewable energy business that the Group has diversified into pursuant to the diversification exercise which was approved by the shareholders at the EGM convened on 23 August 2022.
4) The lease of the Land and sub-lease of the Plantation Land which were approved by the shareholders at the EGM convened on 23 August 2022, were undertaken for the purpose of constructing the Biomass Power Plant as well as to produce raw materials/ feedstock for the Biomass Power Plant project. With the cessation of the Biomass Power Plant project, to specify the timeline for the Group to source for the alternative usage of the Lands.
5) Based on the announcement made on 19 February 2025 on the financial results for the quarter ended 31 December 2024, an amount of approximately RM21.9 million from the total amount raised from the rights issue exercise approved by the shareholders at the EGM convened on 23 August 2022 and earmarked for the construction cost of the Biomass Power Plant, remains unutilized. In this regard, to specify the proposed alternative usage of the funds arising from the cessation of the Biomass Power Plant project and the timeline for utilization.
6) To state whether the variation to the usage of the Land and Plantation Land as stated in item (4) above and the variation to the utilization of proceeds raised from the right issue exercise as stated in item (5) above, tantamount to material variations pursuant to Paragraph 8.22 of the Main Market Listing Requirements which requires shareholders’ approval.
7) The total cost incurred for the Biomass Power Plant project todate and the financial impact arising from the cessation of the project. | Reference is made to the Company’s announcements on 2 July 2020, 29 July 2020, 30 July 2020, 23 November 2020, 27 April 2021, 14 June 2022, 21 August 2023, 27 February 2024, 12 August 2024, 13 August 2024, 15 May 2025 and 19 May 2025 (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.
Reference is also made to the queries raised by Bursa Malaysia Securities Berhad (“Bursa Securities”) dated 19 May 2025 (reference number: IQL-19052025-00001) in relation to the Company’s announcement on 15 May 2025.
The Board of Directors of the Company is pleased to provide the following additional information, detailed below:-
1. The reason for the announcement to be made only on 15 May 2025 when the approval by SEDA for the relinquishment of the Feed-in Tariff approval was received by BTM Biomass Products Sdn Bhd on 8 May 2025.
The Company wishes to clarify that although the approval from the SEDA for the relinquishment of the Feed-in Tariff approval was received on 8 May 2025, the announcement was only made by the Company on 15 May 2025 due to at the time of receiving SEDA’s approval, the Company was also actively engaged in negotiations with the appointed EPCC contractor for the Biomass Power Plant regarding the proposed termination of the EPCC agreement and the mutual settlement terms. The Company considered it appropriate to finalise or substantially progress these discussions before issuing the announcement to ensure alignment of information and to avoid market confusion or premature disclosure on the status of the Biomass Power Plant business.
2. Detailed clarification on the current market uncertainties and raw materials price volatility that resulted in the Group to re-assess the viability of the Biomass Power Plant project.
The Group had reassessed the viability of the Biomass Power Plant project after considering, amongst others, the following factors:
(a) Raw materials price volatility
Pursuant to the National Biomass Action Plan 2023-2030 issued by the Ministry of Plantation and Commodities Malaysia, the utilisation rate of forest residues from post-logging is low due to high logistics and handling costs as well as the sustainable forestry management policy imposed by the Forestry Department of Malaysia which encourages post-logging residues to be used for mulching purposes (the process of shredding or grinding wood waste and other woody materials into a consistent particle size). Biomass power plant project’s developers need to convince the bankers on the availability of biomass fuel supply agreement and positive project cashflow which are linked to feedstock supply. The feedstock supply may become a haunting issue when the biomass power plant is operated by an independent biomass plant project developer who does not own feedstock and needs to buy it from the third parties. (Source: National Biomass Action Plan 2023-2030, Ministry of Plantation and Commodities Malaysia)
(b) Market uncertainties due to labour shortages
The 7,000 member of Malaysian Employers Federation (“MEF”) has called on the Malaysian Government to urgently lift the freeze on new intakes of foreign workers “so that businesses can survive”. MEF president Datuk Dr Syed Hussain Syed Husman told the Sun that the agriculture and plantation sector faces a shortage of about 230,000 workers, 300,000 in construction, 200,000 in manufacturing and 100,000 in the services sector. On 19 November 2024, Home Minister Datuk Seri Saifuddin Nasution Ismail announced that the freeze on applications to hire foreign workers, in place since March 2023, would be maintained until at least the first quarter of 2025. Syed Hussain warned that the worker shortage would only worsen if the freeze continues. (Source: Govt urged to lift freeze on foreign worker recruitment, the Sun, 11 December 2024)
3. Given that the Biomass Power Plant project has been put on hold with the relinquishment of the 1st Feed-in Approval and the potential relinquishment of the 2nd Feed-in Approval, please elaborate on the Group’s plan with regards to the renewable energy business that the Group has diversified into pursuant to the diversification exercise which was approved by the shareholders at the EGM convened on 23 August 2022.
The Group remains committed to its strategic objective of participating in the renewable energy sector, as approved by shareholders at the Extraordinary General Meeting (“EGM”) convened on 23 August 2022. The Group does not rule out the possibility of undertaking a biomass power plant project or other renewable energy ventures in the future, subject to market conditions and the viability of such projects at the material time in view that the Group continues to explore other viable options in the renewable energy space. The Group will continue to assess and identify opportunities that align with its long-term business objectives and will make appropriate disclosures to Bursa Securities as and when there are any material developments, in compliance with the Listing Requirements.
4. The lease of the Land and sub-lease of the Plantation Land which were approved by the shareholders at the EGM convened on 23 August 2022, were undertaken for the purpose of constructing the Biomass Power Plant as well as to produce raw materials/ feedstock for the Biomass Power Plant project. With the cessation of the Biomass Power Plant project, to specify the timeline for the Group to source for the alternative usage of the Lands.
As at the date of this announcement, the Company is actively reassessing its business strategies and evaluating potential alternative uses for the lands, taking into account the prevailing market conditions for the Biomass Power Plant project. Given that the evaluation process is still ongoing and may involve engagement with relevant stakeholders and regulatory authorities, the proposed plans for the alternative usage of the lands as well as the corresponding implementation timeline, if any, have yet to be determined at this juncture. The Company will make the necessary announcements once a definitive plan for the proposed usage of the Lands is finalised.
5. Based on the announcement made on 19 February 2025 on the financial results for the quarter ended 31 December 2024, an amount of approximately RM21.9 million from the total amount raised from the rights issue exercise approved by the shareholders at the EGM convened on 23 August 2022 and earmarked for the construction cost of the Biomass Power Plant, remains unutilized. In this regard, to specify the proposed alternative usage of the funds arising from the cessation of the Biomass Power Plant project and the timeline for utilization.
As at the date of this announcement, the Company is currently in the process of reassessing its business strategies and evaluating potential alternative uses of the unutilised proceeds from the rights issue exercise approved by the shareholders at the EGM convened on 23 August 2022 (“Rights Issue”), in alignment with the Group’s revised operational priorities and market opportunities.
Therefore, the proposed alternative utilisation of the said funds and the corresponding proposed timeline for utilisation have yet to be determined at this juncture. The Company will make the necessary announcements once a definitive plan for the proposed usage of the funds is finalised.
6. To state whether the variation to the usage of the Land and Plantation Land as stated in item (4) above and the variation to the utilisation of proceeds raised from the right issue exercise as stated in item (5) above, tantamount to material variations pursuant to Paragraph 8.22 of the Main Market Listing Requirements which requires shareholders’ approval.
As at the date of this announcement, the Group is in the process of evaluating the proposed alternative usage of the Land and Plantation Land and concurrently reviewing the potential variation in the utilisation of the remaining unutilised proceeds from the Rights Issue exercise.
The Company wishes to emphasise that no final decision has been made at this juncture. Should there be any proposed variation to the utilisation of the proceeds raised from the Rights Issue, the Company will make the necessary announcements in compliance with the Listing Requirements once such variations, if any, are finalised and approved by the Board.
In the event that the proposed variations to (i) the intended use of the Land and/or Plantation Land, and/or (ii) the utilisation of Rights Issue proceeds, are determined to constitute material variations within the meaning of Paragraph 8.22 of the Listing Requirements, the Company will seek shareholders’ approval at an extraordinary general meeting to be convened for this purpose.
7. The total cost incurred for the Biomass Power Plant project todate and the financial impact arising from the cessation of the project.
As at the date of this announcement, the Group has incurred approximately RM2.40 million for the preliminary assessment, compliance cost, and other ancillary expenses to undertake the Biomass Power Plant business. Save as disclosed, the cessation of the Biomass Power Plant project is not expected to have a material adverse effect on the Group’s financial position or operations.
This announcement is dated 20 May 2025. |
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