KUALA LUMPUR (April 27): Bahvest Resources Bhd securities were actively traded in Thursday’s (April 27) morning session, after the Sabah-based gold mining firm received a requisition notice from its shareholders to hold an extraordinary general meeting (EGM) to replace three directors, one of whom is the company’s largest shareholder.
At 11.36am, Bahvest’s share price gained one sen or 2.6% to 39.5 sen, while its warrants were up one sen or 16.67% to seven sen.
Later at market close, shares in Bahvest had pared gains at 39 sen, still up half a sen or 1.3%, giving the ACE Market-listed company a market capitalisation of RM483.51 million. The counter saw 17.46 million shares traded. The company’s warrants meanwhile ended at seven sen, with 41.06 million warrants having changed hands.
On Wednesday, Bahvest said it received the requisition notice to remove non-executive chairman Datuk Seri Dr Md Kamal Bilal, managing director and chief executive officer Datuk Lo Fui Ming and executive director Lo Teck Yong and replace them with three other individuals.
The requisitioners — shareholders Marlex Trading Ltd, Innosabah Capital Holdings Sdn Bhd, Datuk Freddy Lim Nyuk Sang, Yong Fen Yoo and Chong Tzu Khen — seek to appoint Tzu Khen, Law Ngia Meng, and Chong Mee Fah @ Frederick Chong to the board at a proposed EGM on May 25.
According to the requisition notice, the shareholders claim to hold at least an aggregate stake of 10% in Bahvest. Fui Ming is the company’s largest shareholder with a 16.09% stake, while Teck Yong owns 0.85% and Kamal holds 0.19%.
Bahvest shares have been on the rise over the past month, rising 32.2% from 29.5 sen on March 27. Year to date, the stock has climbed 27.87%.
According to Bahvest’s annual report 2022, as at July 4 last year, Fui Ming was also the largest warrant holder with 85.07 million warrants (14.18%), while Teck Yong held 6.41 million (1.07%), and Kamal owned 3.13 million (0.52%)
As for the requisitioners, Lim owned 22.91 million warrants (3.82%), while Marlex held 15 million (2.5%) and Yong held 9.78 million (1.63%).
Bahvest’s net profit for the cumulative nine months ended Dec 31, 2022 (9MFY2023) fell 84.5% to RM602,000 from RM3.89 million a year earlier, despite revenue rising 11.4% to RM108.34 million from RM97.29 million previously.