KUALA LUMPUR (June 27): Three counters linked to prominent investor Datuk Dr Yu Kuan Chon fell during Thursday’s early trade, following the Securities Commission (SC)’s statement on Wednesday that it has sued him for alleged market rigging and manipulation.
Property developer YNH Property Bhd (KL:YNHPROP) fell as much as 12.5 sen or 20.7% to 49 sen during Thursday’s early trade. It closed at 49.5 sen, still down 11 sen or 18.2%, valuing the group at RM261.85 million.
It was the second most active counter on Bursa Malaysia, with 94.45 million shares changing hands, nearly tripling its 20-day moving average.
Industrial mould manufacturer Rapid Synergy Bhd (KL:RAPID) fell as much as nine sen or 10% to 81 sen, with 2.9 million shares exchanging hands, before closing at 84 sen, giving it a market capitalisation of RM89.79 million.
Shares of agricultural manufacturer Imaspro Corp Bhd (KL:IMASPRO), which fell four sen or 3.06% earlier in the day to RM1.07, pared some losses to close at RM1.10, after 151,400 shares were traded.
Yu is the largest shareholder in YNH Property Bhd, where he is chairman and executive director, with a 32.6% stake. He also holds a 22.8% stake in Rapid Synergy and a 15.7% stake in Imaspro.
All three counters experienced rapid selldown in January. Rapid Synergy has tumbled 97% year-to-date, while YNH fell 87.8% and Imaspro lost 68.8%.
On Wednesday, the SC alleged that Yu had traded in Shangri-La Hotels (M) Bhd (KL:SHANG) shares between March 1, 2018 and July 24, 2018, in a manner that caused a surge in the traded volume and share price of the hospitality group.
The regulator said it is seeking orders to compel Yu to disgorge RM26.57 million, which is three times the gain from the alleged manipulation.
It also wants a civil penalty of RM1 million to be imposed on Yu and for him to be barred from managing any public company for five years, and from trading on the stock exchange for the same period.