KUALA LUMPUR (Jan 10): Selling pressures continue to pound stocks related to Datuk Dr Yu Kuan Chon, with Rapid Synergy Bhd hitting its limit down in Wednesday morning’s trading session on Bursa Malaysia, before paring some of its losses by afternoon break.
Rapid Synergy fell as much as 30% to RM16.38 on Wednesday morning, before paring losses to trade at RM16.72, down RM6.68 or 28.6%, giving it a market capitalisation of RM1.79 billion.
The industrial mould manufacturer was the largest loser on Bursa Malaysia as at afternoon break, followed by YNH Property Bhd.
YNH fell 45 sen or 13.6% to RM2.85 at market break, valuing the property developer at RM1.51 billion.
Dr Yu controls a 22.8% stake in Rapid Synergy and 32.6% of shareholdings in YNH.
The severe selldown saw Rapid Synergy erase more than half of its gains since early 2022, while YNH has reversed nearly all of its gains over the same period.
The prominent investor also controls a 14.6% stake in Imaspro Corp Bhd, being the second largest shareholder after managing director Tong Chin Hen’s 51% shareholding.
Selling pressure on Imaspro was not as severe. The stock declined two sen or 0.6% to RM3.46 on Wednesday, valuing the agrochemicals and pest control-related products manufacturer at RM276.8 million.