News

BTM Resources inks sublease agreement to support biomass energy business



KUALA LUMPUR, Jan 20 -- BTM Resources Bhd has proposed to sublease about 2,255.33 hectares of secondary forest land -- Block 10 and Block 11A in Kemaman, Terengganu for 63 years from SPPT Development Sdn Bhd (SPPT) for about RM24.7 million.

The proposed sublease is undertaken as part of the group’s venture into the biomass energy business, which will improve the group's revenue and earnings, as well as reduce its reliance on existing core businesses, BTM Resources said in a filing to Bursa Malaysia.

Following this, its wholly-owned subsidiary, BTM Biomass Products Sdn Bhd (BTMBP) has entered into a conditional sublease agreement in respect of the assignment of all SPPT’s rights, interest and title in and to the plantation lands to BTMBP.

The sublease consideration will be fully funded via the funds to be raised from its proposed renounceable rights issue together with free detachable warrants (Warrants-C), it said.

The rights issue is expected to raise between RM60 million and RM88.80 million.

In addition, the group has also proposed the establishment and implementation of a long-term incentive plan (LTIP) of up to 15 per cent of the company’s total issued share capital for eligible directors and employees.

The proposed LTIP comprises an executive share grant scheme and an employees’ share option scheme.

‘’Upon completion of the proposed sublease, BTMBP shall undertake the plantation programme on the plantation lands and is expected to incur a total capital expenditure of RM81.95 million over the plantation programme period of 34 years, which is equivalent to an average annual plantation expenditure of about RM2.41 million per annum,’’ it said.

The proposed sublease will allow the group to undertake a plantation programme to establish fast growing Acacia mangium plantation, which is suitable as raw material to produce fuel woods to be utilised as raw materials or feedstock to generate electricity from the biomass power plant, it added.

-- BERNAMA





    Other News

Bomba Akan Sedia Garis Panduan Pemasangan Panel Solar

IPOH, 20 Mac (Bernama) -- Jabatan Bomba dan Penyelamat Malaysia (JBPM) akan mengeluarkan garis panduan dalam pemasangan panel solar di bangunan, premis perniagaan dan rumah di seluruh negara.  


Ahli Dewan Negara Cadang Tnb Beri Rebat Bil Elektrik Susulan Fenomena Cuaca Panas

KUALA LUMPUR, 19 Mac (Bernama) -- Tenaga Nasional Berhad (TNB) disaran memberikan rebat 15 hingga 20 peratus daripada keseluruhan bil elektrik dari bulan Januari ke Mac tahun ini susulan fenomena cuaca panas yang masih melanda negara.


Utp Menang Anugerah Tenaga Negara Sebagai Pengiktirafan Usaha Kemampanan

KUALA LUMPUR, 18 Mac  (Bernama) -- Universiti Teknologi Petronas (UTP) telah menerima Anugerah Tenaga Kebangsaan (NEA) 2023 di bawah Kategori Anugerah Khas untuk Institusi Pengajian Tinggi, sebagai pengiktirafan terhadap usaha-usaha kemampanannya.



© 2024 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy | Security Policy This material may not be published, broadcast,
rewritten or redistributed in any form except with the prior written permission of BERNAMA.

Contact us :
General [ +603-2693 9933, helpdesk@bernama.com ]
Product/Service Enquiries [ +603-2050 4466, digitalsales@bernama.com ]