Rapid Synergy highlights proposed disposal of landed properties in UMA reply, hits limit down for second straight day

• In response to Bursa's query on Thursday, industrial mould manufacturer Rapid Synergy said its management is currently considering proposals to sell certain landed properties of the company and its subsidiaries. However, it said these proposals are still in the stages of discussion.

KUALA LUMPUR (Jan 11): Both Rapid Synergy and Imaspro Corp Bhd, which received unusual market activity (UMA) queries from Bursa Malaysia on Wednesday (Jan 10), have responded to the local stock exchange operator.

In response to Bursa's query on Thursday, industrial mould manufacturer Rapid Synergy said its management is currently considering proposals to sell certain landed properties of the company and its subsidiaries.

However, it said these proposals are still in the stages of discussion.

Hence, Rapid Synergy’s board believes that it would be more appropriate to release an announcement to Bursa Securities once the terms of the offers have been finalised and agreed upon by both parties.

Meanwhile, agrochemicals and pest control-related products manufacturer Imaspro said there was no corporate development in the company that has not been previously announced that may account for its sharp drop in price.

The companies are also  unaware of any rumour or report concerning their business and affairs as well as any possible explanation regarding the groups that may account for the UMA, according to both companies.

On Thursday, Rapid Synergy hit the limit down again for the second consecutive day and was once again the biggest loser on Bursa Malaysia.

At 4.30 pm, the stock was down RM4.90 or 29.9% to RM11.48, giving it a market capitalisation of RM1.23 billion. The stock has accumulated a 56% loss in share price since last Friday (Jan 5), when it closed at RM25.92.

Imaspro was not spared from sthe elling down as it was the third-largest loser on Bursa Malaysia. Buying support for Imaspro was tested as selling pressure emerged after the stock climbed 8% in early trade, erasing all the gains and weighing it down by 53 sen or 21.2% to RM1.97.

Prominent investor Datuk Dr Yu Kuan Chon is the largest shareholder in Rapid Synergy, holding a 22.8% stake, and he is also the second largest shareholder in Imaspro with a 14.6% stake.

Dr Yu is also the single largest shareholder in YNH Property Bhd, with a 32.58% stake. YNH was trading at RM2.75, down by 92 sen or 25.07%, making it the second top loser on Bursa Malaysia.   

Meanwhile, Bursa Securities also issued a UMA query to YNH Property on Thursday due to a sharp fall in its share price. 

At the time of writing, YNH Property has yet to reply to the regulator's UMA query.

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