PETALING JAYA: Bahvest Resources Bhd has emerged as one of the most actively traded stocks on Bursa Malaysia this morning, with 34.1 million shares changing hands at 11.10am.
The counter has since gained 0.5 sen or 3.23% to settle at 16 sen.
Over the last five days, Bahvest has seen a share price rally with the counter rising 33.3% or 4 sen.
Yesterday, five of the group’s shareholders withdrew their lawsuit against the Sabah-based gold mining company, which demanded an extraordinary general meeting (EGM) to be held on May 25.
The five shareholders were Marlex Trading Ltd, Innosabah Capital Holdings Sdn Bhd, Lim Nyuk Sang, Yong Fen Yoo and Chong Tzu Khen.
Bahvest had received the originating summons on May 9, which was intended to compel the company to hand over its record of depository for the purpose of issuance of notice of the proposed EGM.
The summons was received after Bahvest announced it would hold the EGM and table the resolutions put forth by the five shareholders, albeit on June 13 instead of May 25.
The company’s share price has been rocked by the ongoing boardroom battle, whereby the five shareholders are seeking to remove and replace three directors – including group CEO Lo Fui Ming – during the EGM.
In the last month, the group’s share price has fallen 54.29% from 35 sen on April 25.
Lo owns a 75% stake in Southsea Gold Sdn Bhd, which sub-leases a portion of its land to Wullersdorf Resources Sdn Bhd, a subsidiary of Bahvest.
Bahvest’s gold mining operations are primarily carried out on the leased land on Mount Wullersdorf in Tawau.
On May 16, the Malaysian Anti-Corruption Commission raided the mine and later Bahvest’s Tawau office.
During the raid, several key management figures of Wullersdorf and Bahvest – namely Fui Ming, executive director Lo Teck Yong, CFO Chong Khing Chung, COO Shahrol Azuan and assistant general manager Brando Pang – were detained and remanded until May 19.