KUALA LUMPUR (Oct 28): Property tycoon Datuk Dr Yu Kuan Chon has increased his stake in Rapid Synergy Bhd to 59.18%, by acquiring an additional 80,000 shares or 0.09% stake in the company for RM419,200 or RM5.24 per share.

One block, comprising 20,000 shares, was transacted at RM5.24 apiece or RM104,800 on Oct 23, 2014, and the second block totalling 60,000 shares was traded at RM5.24 each or RM314,400 on Oct 24.

The acquisition of new shares brings Yu's direct stake in Rapid Synergy to 47.73% and an indirect stake of 11.45%.

Yu has been steadily buying shares on the open market since mid-August. Rapid Synergy is involved in precision tooling manufacturing for the semiconductor industry and property investment.

Shares in Rapid Synergy have been on the upward trajectory, rising from RM3.80 in January this year to a recent high of RM6.

The stock closed at RM6.16 today, giving it a market capitalisation of RM538.45 million.