KUALA LUMPUR (Jan 10): Rapid Synergy Bhd, which closed at limit down on Wednesday (Jan 10), was slapped with an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd.

In a filing, the regulator drew attention to the “sharp fall in price" of the company's shares recently.

Bursa has requested that Rapid Synergy respond, after making due enquiry with its directors, major shareholders and such other relevant persons, immediately for public release in accordance with paragraph 9.11 of the Main Market Listing Requirements.

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Rapid Synergy had yet to reply to the regulator's UMA query at the point of writing.

All three stocks related to Datuk Dr Yu Kuan Chon continued to face heavy selling pressure on Wednesday (Jan 10) with Rapid Synergy Bhd closed at limit-down level while YNH Property Bhd saw final-hour buying support that erased all intraday losses.

While Imaspro Corp Bhd was initially spared with a slight decline in the morning session, the counter was pounded heavily during the afternoon session, pushing its share price to an intraday low of RM2.50, closing 98 sen or 28% lower, nearly hitting a limit down threshold of 30%.

The agrochemicals and pest control-related products manufacturer, valued at RM200 million at closing price, was the third largest loser on Bursa Malaysia, after Rapid Synergy and BLD Plantation Bhd.

YNH was originally the second largest loser, but final-hour buying support propped up its share price to an intraday high of RM3.67, up 37 sen or 11%, ending the day with a wide day range between RM2.80 and RM3.67.

The property developer fell as much as 15% before its share price shot up at eleventh hour on Wednesday, making it the third largest gainer across the local stock exchange, with a market capitalisation of RM1.94 billion.

Unlike YNH, signs of dip buying were elusive for Rapid Synergy after the morning selldown, with the industrial mould manufacturer closing RM7.02 or 30% lower at RM16.38, valuing it at RM1.75 billion.

The severe selldown saw both Rapid Synergy and YNH lose more than half of their gains since early 2022, while Imaspro has reversed almost all of its gains over the same period. [See Charts]

Dr Yu controls a 22.8% stake in Rapid Synergy and 32.6% of shareholdings in YNH.

The prominent investor also controls a 14.6% stake in Imaspro Corp Bhd, being the second largest shareholder after managing director Tong Chin Hen with a 51% shareholding. 

https://www.theedgemarkets.com/node/696933