Supermax shares slide on MD’s conviction
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.