KUALA LUMPUR (Mar 25): Datuk Dr Yu Kuan Chon has emerged as a substantial shareholder in agriculture chemicals manufacturer Imaspro Corp Bhd with a 5.96% stake after acquiring an additional 361,000 shares in the company recently.

In a filing with Bursa Malaysia today, Imaspro noted that Dr Yu acquired the 0.45% stake on Mar 17 this year from the open market. The transacted price was not disclosed.

As a result of the latest acquisition, Dr Yu, who is also chairman and executive director of YNH Property Bhd, now owns 5.96% or a 4.76 million equity interest in the company.

Imaspro (fundamental: 1.45; valuation: 0.60) managing director Tong Chin Hen owns a direct and indirect stake of 42.62% through a private vehicle named Swiss Revenue Sdn Bhd. Tong is the largest shareholder in the company.

Meanwhile, the company's non-executive chairman Mohd Shafek Isa has been paring his stake since the beginning of this month. Shafek now holds a combined direct and indirect stake of 0.9% through Sunbina Dunia Sdn Bhd, down from 21.68% on Feb 25 this year.

Lembaga Tabung Haji had also disposed of 11,400 shares in the company on Mar 20 this year.

The pilgrim fund's board currently still has a 5.39% stake or 4.31 million shares in the company. It had 5.71% equity interest in June last year.

Imaspro closed at an all-time-high of RM1.78 today, giving it a market capitalisation of RM142.4 million. 

It climbed 52.14% today from RM1.17 on Jan 22 this year, on news that there could be a management change after a local daily reported that Dr Yu was buying up minority stakes in the company. It was also among the top gainers across the local bourse today.