Turns out the name of this app is "Alch" instead of "Imalch", according to alch.txt. "Alch" means "little Alchemy", which refers to the well-known classic DOS "Image Alchemy" image converter.
Instead of running INSTALL.CMD, which just copies the EXE and DLL to the bootdrive's x:\OS2 directory, one can also delete INSTALL.CMD and move the EXE and DLL to the PATH (EXE) and LIBPATH (DLL) directory of a clean bootdrive politician.
Turns out the name of this