Besides a wider market selldown, investors were presumably spooked by news of Toe's notice to leave the company by next April, leaving executive chairman Ren Yuanlin to assume more control at the head of a management team that is more streamlined.
YFH is an investment firm spun off for its own listing from Yangzijiang Shipbuilding Holdings l ast April.
Toe and Ren went back nearly two decades, when Toe helped bring YSH to IPO here in Singapore and served as one of its independent directors.
Despite the buybacks by YFH earlier today, its shares ended the day at 32 cents, down 7.35%.
