Imaspro jumps 23% on news Dr Yu buying stake, potential management change

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KUALA LUMPUR (Mar 25): Imaspro Corp Bhd jumped as much as 36 sen or 23% in anticipation of management changes in the pesticide manufacturer.

Speculation of management changes in Imaspro (fundamental: 1.45; valuation: 0.6) surfaced on news YNH Property Bhd executive director Datuk Dr Yu Kuan Chon is buying minority stakes in Imaspro, according to dealers.
 
"Several key shareholders of the company (Imaspro) were disposing of their shares recently. In this scenario, the company is likely to see changes its management," a dealer told theedgemarkets.com over telephone today.

Imaspro rose to its highest so far today at RM1.95 before reducing gains. The counter was traded at RM1.81 at 11.11am with 842,600 shares changing hands.

It was the third-largest gainer across the bourse.

Major shareholders in Imaspro have reduced their stakes. According to filings with Bursa Malaysia, Imaspro chairman Mohd Shafek Isa had reduced his combined direct and indirect stake to 0.9% last Monday (Mar 23) from 21.68% on Feb 25 this year.

On Monday (Mar 23), he sold 2.36 million Imaspro shares at RM1.70 via off-market trades. Mohd Shafek's indirect interest in Imaspro is held via Sunbina Dunia Sdn Bhd.
 
Mohd Shafek had earlier ceased to be a major shareholder in Imaspro after disposing of 3.53 million shares at RM1.70 each last Friday (Mar 20).

(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.)