KUALA LUMPUR (May 26): Bahvest Resources Bhd said it is unable to submit its fourth quarter (4Q) results by May 31, due to the recent raid by the Malaysian Anti-Corruption Commission (MACC) on the goldmine and business premises of its wholly-owned unit Wullersdorf Resources Sdn Bhd in Tawau, Sabah.
MACC had raided its accounting records on May 16 and therefore Bahvest's finance team is unable to finalise the results for the quarter ended March 31, 2023 within two months as required by Bursa Securities, the group said in a filing on Friday (May 26).
Bahvest, which is involved in a boardroom tussle, separately announced the appointment of three new directors. These were the individuals that five of the group's shareholders had wanted being appointed to the board via an extraordinary general meeting (EGM) which has since been called off.
Chong Tzu Khen, 66, was named as the group's executive director. He is currently the director of Wullersdorf Resources, and the finance manager of Bahvest and its group of companies.
Frederick Chong Mee Fah, 70, and Law Ngia Meng, 49, were meanwhile appointed as independent non-executive directors.
Frederick Chong is the chief executive officer of Partner-Pacific Merchants Group of Companies, a mining commodity trading company.
Law is a director of LL Prospect Sdn Bhd, an oil palm plantation company. He is also an executive director at Infraharta Holdings Bhd, a construction, property development and property investments company
All three individuals hold no stakes in Bahvest.
On May 22, the group announced that five of its shareholders had withdrawn their lawsuit seeking an EGM on May 17 to remove non-executive chairman Datuk Seri Dr Md Kamal Bilal, managing director and chief executive officer Datuk Lo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 appoint Chong, Law and Frederick Chong in their place.
The five shareholders — Marlex Trading Ltd, Innosabah Capital Holdings Sdn Bhd, Lim Nuk Sang@ Freddy Lim, Yong Fen Yoo and Chong himself — have however withdrawn their suit which was intended to compel Bahvest to hand over its record of depository for the purpose of issuance of notice of the EGM.
On Friday, Bahvest noted that under the rules, if the group fails to announce its 4Q results within five market days from May 31, Bursa Securities may suspend its trading activities effective June 9.
Further failure to announce the results within six months may resulted in the group being delisted from the stock exchange.
Bahvest’s share price closed four sen or 21.62% to 22.5 sen, valuing the group at RM278.95 million.