KUALA LUMPUR (May 11): Bahvest Resources Bhd chief executive officer Datuk Lo Fui Ming has ceased to become a substantial shareholder of the company after offloading some 9.3% or 115.19 million shares in the open market.
According to bourse filings, Lo disposed of the shares on Tuesday (May 9), when the stock plunged 29% to 13.5 sen, before falling by a further 15% a day after.
The Sabah-based gold mining company was traded 1.5 sen or 13% higher at 13 sen as at Thursday's noon market break, valuing it at RM161.17 million.
The stock was also the third most actively traded counter as at the time of writing, with 88.51 million shares traded.
After the latest disposal, Lo’s ownership dropped to 3.89%, from 13.18% last week, according to a filing with Bursa Malaysia on Thursday.
Lo has been cutting down his shareholding since the company received an extraordinary general meeting (EGM) requisition from a group of shareholders to remove him — and his son Lo Teck Yong and non-executive chairman Datuk Seri Dr Md Kamal Bilal — from the board.
The group of five shareholders, consisting of Datuk Freddy Lim, Yong Fen Yoo, Chong Tzu Khen, Marlex Trading Ltd and Innosabah Capital Holdings Sdn Bhd, collectively owns more than 10% of Bahvest, and has requested for an EGM on May 25.