Supermax: Succession plan in place after conviction of group ED

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KUALA LUMPUR (Aug 9): Supermax Corp Bhd says that a succession plan is in place and that its business remains intact after the Kuala Lumpur Session Court today convicted its group executive director Datin Seri Cheryl Tan Bee Geok – who is spouse of Supermax's founder and former executive chairman and group managing director Datuk Seri Stanley Thai – of insider trading offences involving APL Industries Bhd (APLI) shares. APLI was one of the companies under the Supermax’s group of companies.

In a filing with Bursa Malaysia this evening, Supermax said the court has granted a stay of execution pending appeal against the conviction and sentence.

“The company wishes to inform members of the public a succession plan is in place and that it is business as usual in Supermax. Its management team is committed to delivering good business performance and profitability in the interest of the company and its shareholders.

“Supermax has been delivering consistent profits and dividends to shareholders since its listing on Bursa in 2001. In its recent results for the third financial quarter ended March 31, 2018, Supermax’s net profit rose by 76.7% year-on-year. 

“The management is confident of maintaining and improving the company’s performance in the next few quarters ahead,” it said.

 Supermax added that it is "business as usual" at the group and the management stands strong in growing the business going forward.

In a separate filing, Supermax said Bee Geok has vacated her position with immediate effect.

Supermax shares closed down 6 sen or 1.38% at RM4.28 today, with 2.47 million shares done, bringing a market capitalisaion of RM2.26 billion.