KUALA LUMPUR: Rapid Synergy Bhd today said it is in discussions to sell certain landed properties of the company, in response to an unusual market activity (UMA) query from Bursa Malaysia Securties Bhd.
Rapid Synergy is a manufacturer of precision tools.
"These proposals are still in the stages of discussion. The board believes that it would be more appropriate to release announcement(s) to Bursa Securities once the terms of the offers have been finalised and agreed upon by both parties," it told Bursa Securities in a filing earlier.
The stock exchange's top loser in morning trade, Rapid Synergy has lost RM1.7 billion of its market capitalisation since last Thursday.
The stock was down 29.91 per cent, or RM4.90, to close at an intra day low of RM11.48 a share at midday break.
Rapid Synergy was issued an UMA query yesterday, along with Imaspro Corp Bhd.
Imaspro however said after due enquiry of its board of directors, it was not aware of any reason for the UMA.
The stock has RM110 million of its market capitalisation since Monday.
It closed 9.6 per cent or 24 sen lower to RM2.26 a share at midday break.
Imaspro is a manufacturer and distributor of pesticides and related agrochemical products.
Rapid Synergy and Imaspro have a common shareholder in Datuk Dr Yu Kuan Chon. He owns a 22.8 per cent interest in Rapid Synergy and 14.6 per cent interest in Imaspro.
Yu is also chairman and executive director of YNH Property Bhd.
YNH Property has also been under heavy selling pressure since last Thursday, however it staged a rebound on Tuesday.
Today however it came under heavy selling pressure again, prompting Bursa Securities to issue the company with an UMA query.
The company's stock fell 25.89 per cent or 95 sen to reach a new 52-week low of RM2.72 a share.
As at time of writing, YNH Property had yet to respond to the query.
