KUALA LUMPUR (July 11): The holder of the single-largest block of BTM Resources Bhd shares, Proven Venture Capital Plt, has exited the company by offloading its entire 11.96% stake.

According to BTM’s bourse filing on Tuesday (July 11), Proven Venture Capital disposed its entire block of 150.26 million shares via off-market transactions on July 7.

Proven Venture Capital emerged as a substantial shareholder in BTM on Jan 10 after subscribing to 153.32 million shares or a 12.2% stake offered under the company’s rights issue.

On Monday, BTM announced that its executive director Datuk Woo Thin Choy ceased to be a substantial shareholder on July 7 after his vehicle Confirmed Uptrend Sdn Bhd disposed of its entire 29.56 million shares or a 2.35% stake, leaving him with the 2.87% stake he holds directly.

BTM has seen various shareholding changes of late, with KPS Consortium Bhd controlling shareholder Koh Poh Seng and Bioalpha Holdings Bhd founder William Hon emerging as substantial shareholders in the logging company over the past two weeks.

On July 3, Koh purchased 136.78 million shares in BTM, which raised his stake in the company to 13.11% or 164.78 million shares.

Meanwhile, Hon, who is also Bioalpha’s managing director and chief executive officer, acquired 60.51 million shares via off-market trades on June 30, increasing his stake to 7.61% or 95.57 million shares.

In the same period, BTM also saw the cessation of two other substantial shareholders, namely its director Yong Emmy and Modern Mode Sdn Bhd.

Yong disposed of 12.10 million shares or a 0.96% stake in the company on July 3, leaving her with 56.27 million shares or a 4.48% stake. Modern Mode offloaded 97.45 million shares or a 7.76% stake in BTM on the same day, leaving it with just 500,599 shares or 0.03% equity interest.

Besides Koh and Hon, BTM’s remaining substantial shareholder is the company’s managing director and Yong family patriarch Datuk Seri Yong Tu Sang, with a 9.07% direct stake and 12.55% indirect stake.

It was previously reported that Proven Venture Capital is a firm jointly owned by more than 100 limited partners comprising high net-worth individuals and entities.

Proven Venture Capital owns a 5% stake in little-known Johor-based electronics manufacturing services provider Local Assembly Sdn Bhd ― which is in the midst of a reverse takeover of LTKM Bhd ― and a 4.17% stake in Apex Equity Bhd.

Shares in BTM ended half a sen or 5% lower at 9.5 sen, giving the company a market capitalisation of RM119.37 million.

Read also:
Proven Venture Capital emerges as BTM Resources’ substantial shareholder after rights issue
Frankly Speaking: Changes in BTM shareholding pique interest