KUALA LUMPUR (Jan 17): Bursa Malaysia Securities Bhd has frozen the lower limit share price for Rapid Synergy Bhd, Sarawak Consolidated Industries Bhd (SCIB) and YNH Property Bhd following a sharp fall in the companies’ share prices.

The freeze was due to the counter trading at static limit down prices for two consecutive days, Bursa said in a stock exchange filing on Wednesday.

Accordingly, Bursa Securities has set the lower limit share price for Rapid Synergy at RM3.96, SCIB at RM53.5 sen and YNH Property at RM1.22.

The year 2023 was not an easy one for businesses. With interest rate hikes up to 3% while inflation remained above its long-term average since the pandemic, businesses had to fight against currency fluctuation and gain a competitive advantage in the market to survive.

Shares of SCIB had plunged 35.93% or 30 sen to 53.5 sen as at Wednesday’s close, wiping out all gains of the past three months.

Meanwhile, shares in Rapid Synergy ended RM1.69 or 29.91% lower at RM3.96, giving it a market value of RM423.31 million. YNH Property finished 51 sen or 29.48% lower at RM1.22, valuing the company at RM645.38 million.

Shares in the companies, as well as Imaspro Corp Bhd, have dropped between 66% and 87% since last Tuesday. YNH Property, Rapid Synergy and Imaspro share a common substantial shareholder in Datuk Dr Yu Kuan Chon. 

https://www.theedgemarkets.com/node/697757