BTM’s unit in preliminary discussion with Pendragon Auto

KUCHING: BTM Resources Bhd’s (BTM) wholly-owned subsidiary BTM Marketing & Trading Sdn Bhd (BTM Marketing) has entered into a preliminary discussion with Pendragon Auto Sdn Bhd ( Pendragon Auto).

The company in a filing to Bursa Malaysia yesterday said the discussion with Pendragon Auto was entered with the aim to eventually cumulated into a difinitive shares sale agreement or a shares subscription agreement resulting in BTM Marketing acquiring or holding an effective stake of no less than 51 per cent in Pendragon Auto.

Pendragon Auto is an exclusive BMW cars dealer in the East Coast of Peninsular Malaysia spanning from Pahang to Terengganu and Kelantan since July 5, 2010.

BTM said it intends to finance the purchase of the shares or the subscription of the new shares in Pendragon Auto through internal generated funds and banking facility.

The company said a full disclosure of the transaction will be made upon the signing and execution of the definitive shares sale agreement or the shares subscription agreement.