KUALA LUMPUR (April 26): Sabah-based gold mining company Bahvest Resources Bhd has received an extraordinary general meeting (EGM) requisition from its shareholders to remove three directors — 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 — from its board and replace them with three other individuals.

As at April 26, Lo held a 16.09% stake in Bahvest, while Kamal and Lo owned 0.19% and 0.85% respectively.

In a bourse filing on Wednesday (April 26), Bahvest said it has received in the morning the notices from Marlex Trading Ltd, Innosabah Capital Holdings Sdn Bhd, Datuk Freddy Lim Nyuk Sang, Yong Fen Yoo and Chong Tzu Khen, who sought to move resolutions to remove the three existing directors and appoint Chong Tzu Khen, Law Ngia Meng and Chong Mee Fah @ Frederick Chong to the board at a proposed EGM on May 25.

"The notices also contain a request for the record of depositors to facilitate the circulation of notices of EGM to shareholders.

"The board is  now convening an emergency board meeting and to seek legal advice in relation to the notices," it added.

As no notice of EGM has been circulated to shareholders, Bahvest said no proper EGM will be convened on May 25. "The company will make the necessary announcements on the development of the matter accordingly."

For the cumulative nine months ended Dec 31, 2022 (9MFY2023), Bahvest saw its net profit drop 84.5% to RM602,000 from RM3.89 million a year ago, on lower production of gold as its mining operations were affected by the unusual weather pattern. This was despite revenue rising 11.4% to RM108.34 million from RM97.29 million in 9MFY2022.

Bahvest shares closed up 3.5 sen or 10% at 38.5 sen on Wednesday, giving it a market capitalisation of RM477.31 million. Its share price had risen 16.67% year to date.