KUALA LUMPUR (July 15): BTM Resources Bhd (KL:BTM) announced on Monday that its chief financial officer, Ooi Gin Hui, has resigned from the board with immediate effect, citing uncertainty in the business direction and orientation of the Terengganu-based wood processing firm.

Ooi, 44, was appointed to the post in September 2023.

She is currently an independent non-executive director at information technology services firm Systech Bhd (KL:SYSTECH) and OB Holdings Bhd, a food and supplement company that is seeking a listing on Bursa Malaysia’s ACE Market, according to BTM’s 2023 annual report.

Ooi's resignation comes just a month after chairman and independent director Loo Eng Hua and independent non-executive director Leou Thiam Lai stepped down due to concerns over certain material transactions. At that time, Loo and Leou said that these transactions had not been adequately addressed by the executive directors of the holding and subsidiary companies, which could have a significant impact on the group’s financial position.

In a separate filing on Monday, BTM announced the appointment of Lee Yoon Seong as its independent and non-executive director. Lee previously served as the finance general manager of property firm Y&G Corp Bhd (KL:Y&G).

Two weeks ago, the group appointed Datuk Yap Wai Hong, who has 20 years of experience in the renewable energy sector, as its executive director. Yap, 49, is currently the managing director of Biotek Dinamik Sdn Bhd, a renewable and green energy company he founded.

Shares of BTM closed unchanged at 6.5 sen on Monday, valuing the group at RM75.84 million. The counter has fallen over 27% since the start of this year.