KUALA LUMPUR (Dec 18): YNH Property Bhd (KL:YNHPROP) executive chairman Datuk Dr Yu Kuan Chon has been redesignated as an executive director of the property developer. Kuan Chon, 62, is YNH Property’s largest shareholder controlling a direct and indirect shareholding of 32.58% as at Oct 7, 2024.
Kuan Chon’s brother, Datuk Yu Kuan Huat, who is currently managing director of YNH Property, has been named to take over the role of executive chairman. Kuan Huat, 66, is the second largest shareholder with a direct and indirect shareholding of 29.34%.
The property developer’s bourse filing on Wednesday announcing the redesignation did not disclose the reason behind the boardroom change.
In June, Kuan Chon, a prominent investor, was sued by the Securities Commission Malaysia (SC) for alleged market rigging and manipulation involving shares of Shangri-La Hotels (M) Bhd (KL:SHANG) in 2018.
In the civil suit, the SC is seeking orders to compel Kuan Chon to pay disgorgement amounting to RM26.57 million, three times the gain from the alleged manipulation.
The SC also wants a civil penalty of RM1 million to be imposed on Kuan Chon, and for him to be barred from managing any publicly-listed company for five years, and from trading on the stock exchange for the same period.
At Wednesday’s noon market break, shares of YNH Property were up one sen, or 1.83%, at 55.5 sen, giving it a market capitalisation of RM293.6 million. The stock has fallen 86.3% so far this year.
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Source: EdgeProp.my
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