KUALA LUMPUR (Jan 12): YNH Property Bhd has revealed that it is exploring proposals to sell certain landed properties of the company and its subsidiaries in response to an unusual market activity (UMA) query from Bursa Malaysia.
The property developer, however, said that these proposals are still under discussion, and it would be more appropriate to release announcements once the terms of the offers have been finalised and agreed upon by both parties.
“In addition to this, the board is not aware of any corporate developments related to the group’s business and affairs that have not been previously announced, which may account for the trading activity, including those in the negotiation/discussion stage,” read YNH’s disclosure to the stock exchange on Friday.
Furthermore, the group and its subsidiaries are not aware of any rumours or reports regarding their business and affairs or any potential explanations that may account for the UMA.
On Thursday, Rapid Synergy Bhd replied to Bursa’s query about the steep drop in its share price, saying its management is currently considering proposals to sell certain landed properties of the company and its subsidiaries, but as these proposals are still being discussed, it feels that it is more appropriate to release an announcement to the stock exchange once terms of the offers have been finalised and agreed upon by both parties.
YNH, Rapid Synergy and Imaspro Corp Bhd are entities linked to prominent investor Datuk Dr Yu Kuan Chon that were issued with UMA queries from Bursa Malaysia after their share prices plummeted since Tuesday, when they topped the losers list.
Dr Yu is the single largest shareholder in YNH, holding a 32.58% stake. At the time of writing, YNH was trading at RM2.50, down by 22 sen or 8.09%, making it the fourth top loser on Bursa Malaysia. The counter has lost 80 sen or 24.24% from Tuesday, erasing RM423.2 million in market capitalisation.
Meanwhile, Rapid Synergy, in which Dr Yu owns a 22.8% stake, continued to face selling pressure in Friday afternoon’s trading session, marking the third consecutive day of hitting limit down. The stock traded RM3.29 or 28.61% lower at RM8.38, making it the largest loser on Bursa Malaysia.
Imaspro, where Dr Yu holds the second-largest stake of 14.6%, did not escape the selling pressure, making it the second-largest loser on Bursa Malaysia. The counter initially rose by 11.05% in early trade, but as selling pressure emerged, it erased all gains, leading to a decline of 39 sen or 19.6% to RM1.60.