Supermax active, down 6.3% after founder’s wife convicted of insider trading

-A +A

KUALA LUMPUR (Aug 10): Supermax Corp Bhd shares fell as much as 6.3% today after the Kuala Lumpur Session Court yesterday convicted its group executive director Datin Seri Cheryl Tan Bee Geok — who is the 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.

It hit an intraday low of RM4.01 in early trade. At 3.04pm, the stock pared some of its losses but was still down 6 sen or 1.4% at RM4.22, with 4.8 million shares done. Its market capitalisation was at RM2.74 billion.

Supermax had said a succession plan is in place and that its business remains intact after the court decision.

APLI was one of the companies under the Supermax’s group of companies.

Supermax added that it is "business as usual" at the group and the management is confident of maintaining and improving the company’s performance in the next few quarters ahead.