BTM Resources Bhd (BTM) has sold a freehold office property in Kuala Terengganu to timber trader Pelangi Technowood Sdn Bhd for RM5.2 million to boost cash flow, pay off debt, and fund BTM’s move into renewable energy projects.

The five-and-a-half-storey building, situated on Jalan Kampung Tiong, has been partially leased to Alliance Bank Malaysia Bhd.

The proceeds from the sale will help BTM settle an outstanding RM2.7 million term loan, with additional funds allocated towards working capital and renewable energy initiatives, it said in an exchange filing today (Nov 1).

BTM share price closed at 5.5 sen on Nov 1, down 0.5 sen or 8.33%, valuing the group at RM69 million. – TMR