KUALA LUMPUR (Aug 8): Bioalpha Holdings Bhd’s founder, chief executive officer and managing director Hon Tian Kok @ William has ceased to be a substantial shareholder in BTM Resources Bhd after disposing of 35.51 million shares or a 2.83% stake.

The disposal has pared Hon’s shareholding in the timber firm to 4.78% from 7.61% previously.

In a bourse filing on Tuesday (Aug 8), BTM said that the shares were disposed of via an off-market transaction, with no details on the transacted price.

Based on the group’s closing price on Monday of eight sen, a back-of-the-envelope calculation indicates that Hon could have sold the shares for RM2.84 million.

Hon had in July this year acquired 35.06 million shares, or a 2.79% stake in BTM via an off-market purchase, before raising his stake to 7.61% following the purchase of an additional 60.51 million shares.

Worth noting is that another BTM substantial shareholder, Proven Venture Capital PLT had exited the group early last month, offloading its entire 11.96% stake through off-market transactions.

Meanwhile, several boardroom changes took place on Tuesday, with four individuals being appointed as independent and non-executive directors, namely Hon Kah Lai, Goh Siow Cheng, Leou Thiam Lai and Loo Eng Hua.

Goh is the chief financial officer of Bioalpha Holdings, Leou sits on the board of Yong Tai Bhd, while Loo is a director of Seng Kou Resources Bhd.

Shares of BTM Resources closed unchanged at eight sen on Tuesday, for a market value of RM100.52 million.

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Another BTM substantial shareholder exits, with 11.96% stake dump