BTM Resources says it's deliberating fundraising exercise

PETALING JAYA: BTM Resources Bhd has clarified that it is deliberating on a fundraising exercise, of which it will make the necessary announcements once finalised. No further details were given.
BTM was responding to an article in a business weekly which reported that a Hong-Kong based private equity firm is expected to surface as a substantial shareholder in the small-cap timber firm within one to two weeks.

The article quoted unnamed sources claiming to have knowledge that the Hong Kong investment management firm, which is said to have acquired at least a 3.1% stake in BTM, will continue to mop up shares in the company through various methods, including a private placement and warrant conversion.
BTM is mainly involved in investment holding and the provision of management services.
BTM today closed 13.21% higher at 30 sen with 2.9 million shares traded.