Su­per­max shares slide on MD’s con­vic­tion

The Star Malaysia - StarBiz - - News -

PETALING JAYA: Glove­maker Su­per­max Corp Bhd’s share price went on a roller-coaster ride fol­low­ing the con­vic­tion of its manag­ing di­rec­tor Datuk Seri Stan­ley Thai for in­sider trad­ing.

The counter opened lower by 26 sen or 12.44% at RM1.83 amid ac­tive sell­down by ner­vous in­vestors.

It re­couped some of its losses to close trad­ing at RM1.98.

Beat­ing in­tra-day av­er­age trade, a to­tal of 17.2 mil­lion shares changed hands yes­ter­day.

In a press re­lease last Fri­day, the Se­cu­ri­ties Com­mis­sion (SC) said that the Kuala Lumpur Ses­sions Court has con­victed the for­mer manag­ing di­rec­tor of APL In­dus­tries Bhd (APLI) along with for­mer remisier Tiong Kiong Choon on Fri­day for in­sider trad­ing of­fences.

In Thai’s case, he is ap­peal­ing against the con­vic­tion. As for Tiong, he got five years’ jail and a RM10mil fine.

Mean­while, Su­per­max said the court has granted a stay of ex­e­cu­tion and an ap­peal has been filed against the con­vic­tion and sen­tence of Thai.

The group said it is business as usual for Su­per­max and that its man­age­ment team is com­mit­ted to de­liv­er­ing good business per­for­mance and prof­itabil­ity in the in­ter­est of the com­pany and its share­hold­ers.

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