KUALA LUMPUR (Apr 3): Yokohama Industries Bhd, whose controlling shareholder HSG Investments Pte Ltd is disposing of its entire 62.3% stake in the automobile battery manufacturer to another Singapore-based counterpart, Fordington Pte Ltd, for RM90 million, has announced the resignation of its chief executive officer Dr Patrick Yong Mian Thong, citing personal reason.

Yong was appointed to his current post on Jan 1, 2010. Prior to that, he was the chief operating officer of the company since July 2008.

Fordington does not intend to maintain the listing status of Yokohama (fundamental: 0.8;valuation: 0.6) on the Main Market of Bursa Malaysia and does not intend to address any shortfall to meet the public shareholding spread requirement.

Yokohama shares closed unchanged at RM1.70 today, with a market capitalisation of RM145 million. Bursa Securities will suspend trading of Yokohama shares on April 13.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)