KUALA LUMPUR (Jan 11): Rapid Synergy Bhd, YNH Property Bhd and Imaspro Corp Bhd — three stocks linked to prominent investor Datuk Dr Yu Kuan Chon — continued to dive on Thursday, with the three stocks ranking as the first to third largest losers of the day on Bursa Malaysia.

Industrial mould manufacturer Rapid Synergy, which received an unusual market activity (UMA) query from Bursa Malaysia on Wednesday (Jan 10) together with Imaspro, revealed in its UMA reply on Thursday that it is considering selling certain landed properties and subsidiaries. The proposed disposals are, however, still in the discussion stage.

Hence, Rapid Synergy said its board believes that it would be more appropriate to release an announcement to Bursa Securities once the terms of the offers have been finalised and agreed upon by both parties.

Imaspro, which manufactures agrochemicals and pest control-related products, said in a separate reply to Bursa that there are no corporate developments in the company that have not been previously announced that could account for the recent sharp drop in its share price.

Both companies are also unaware of any rumour or report concerning their business and affairs, or any possible explanations that might have triggered the UMA.

Rapid Synergy, which hit its limit down for the second consecutive day on Thursday, was the biggest loser of the day.

Its share price slumped as much as RM4.90 or 29.9% to RM11.48, before easing to RM11.50 to close the day with a market capitalisation of RM1.23 billion. The group has lost more than half its market cap since last Friday, when it closed at RM25.92, after its share price dropped by 56%.

Yu is the largest shareholder in Rapid Synergy, with a 22.8% stake.

He is also the single largest shareholder in YNH Property Bhd, with a 32.58% stake. YNH skidded 95 sen or 25.89% to close at its intra-day low of RM2.72, making it the second top loser on Bursa Malaysia.

Bursa has also issued an UMA query to YNH Property on Thursday, as its shares plummet. At the time of writing, YNH Property has yet to reply to the regulator’s UMA query.

Imaspro, in which Yu is the second largest shareholder in Imaspro with a 14.6% stake, was the third largest loser.

While Imaspro saw some buying support in early trades that pushed it up 20 sen or 8% to RM2.70, the stock then dived as much as 85 sen to RM1.85 to erase all its earlier gains. It then pared some losses to close at RM1.99 — still down 51 sen or 20.4% from Wednesday’s close.