KUALA LUMPUR (Jan 17): Stocks associated with businessman Datuk Dr Yu Kuan Chon continued to endure selling pressure, with both Rapid Synergy Bhd and YNH Property Bhd hitting limit down once again shortly after Wednesday's trading began.

At the time of writing, Rapid Synergy shares plummeted by RM1.69 or 29.91% to RM3.96 from its previous close of RM5.65. Simultaneously, YNH Property shares registered a drop of 51 sen or 29.48% to RM1.22 compared to Tuesday's closing price.

Meanwhile, Imaspro Corp Bhd, another entity connected to Dr Yu, also witnessed a decline of as much as 23 sen or 16.79% to RM1.14 during Wednesday's morning trading session. Subsequently, it rebounded slightly to trade at RM1.30, still down seven sen or 5.1%. 

Since the start of the year, the three stocks have experienced heavy selling which resulted in their values declining between 66% and 86% in the period. However, no filing regarding changes in shareholding have been made thus far.

Dr Yu, with a significant 32.58% stake in YNH Property, experienced a paper loss of RM358.49 million due to persistent forced selling that wiped off RM1.1 billion in market capitalisation since Jan 9.

Meanwhile, over at Rapid Synergy, where Dr Yu holds a 22.8% stake, the loss amounted to RM473.76 million as the industrial mould manufacturer saw a decline of RM2.08 billion in market capitalisation.

In addition, Dr Yu’s 14.6% stake in Imaspro resulted in him facing a paper loss of RM25.5 million due to the sell-off. Simultaneously, the agrochemicals and pest control-related products manufacturer witnessed its market capitalisation erode by RM174 million during the same period.

Collectively, these three stocks saw a staggering RM3.35 billion in market capitalisation wiped out within a six-day period, accompanied by Dr Yu experiencing a corresponding paper loss of RM857.75 million.

Rapid Synergy, YNH Property and Imaspro had received unusual market activity (UMA) queries from Bursa Malaysia last week and have responded to the local stock exchange operator.

In response, both Rapid Synergy and YNH Property said their managements were currently considering proposals to sell certain landed properties of the companies and their subsidiaries.

Meanwhile, Imaspro said there was no corporate development in the company that has not been previously announced that may account for the sharp drop in share price. 

https://www.theedgemarkets.com/node/697666