KUALA LUMPUR: YNH Property Bhd has redesignated its managing director Datuk Yu Kuan Huat as its chairman, replacing his brother Datuk Dr Yu Kuan Chon.
Kuan Huat is the second-largest shareholder, with a direct and indirect stake of 29.34 per cent in YNH.
Kuan Chon was redesignated as executive director of the property developer. He is the largest shareholder, with direct and indirect shareholding of 32.58 per cent.
YNH, however, did not disclose the reason for the changes in its boardroom.
Kuan Chon was sued by the Securities Commission (SC) in June for market rigging and manipulation breaches involving shares in Shangri-La Hotels (M) Bhd.
According to the SC, Yu had traded Shangri-La shares between March 1, 2018, and July 24, 2018, in a manner that caused a surge in its traded volume and share price.
As of 3.11 pm, YNH's share price rose 3.67 per cent or two sen, to 56 sen, bringing its market capitalisation to RM298.84 million.