KUALA LUMPUR (Oct 27): Supermax Corp Bhd, which just announced a record quarterly net profit of RM789.52 million today, is planning for a dual listing on the Singapore Exchange (SGX) to expand and diversify its shareholder base.
The proposed listing down south will also enable the glove maker to pursue growth opportunities by providing additional channels for Supermax to raise funds if needed, said Supermax in a filing with Bursa Malaysia today.
Supermax noted that the proposed SGX listing is still at an initial stage and the structure of the listing has not been finalised.
"More details in relation to the proposed SGX listing will be made available in due course, if and when the board finalises the plan for, and approves, the proposed SGX listing," said Supermax.
Presently, its rival Top Glove Corp Bhd is the only local glove counter that has a primary listing on Bursa Malaysia and a secondary listing on SGX.
Last month, Top Glove confirmed that it was evaluating a dual primary listing on the Hong Kong Stock Exchange.
While it did not offer specifics, Bloomberg reported that it was considering raising more than US$1 billion from the listing exercise.
Shares in Supermax closed 57 sen or 6.19% higher at RM9.78, making it one of the top gainers on Bursa Malaysia today. It has a market capitalisation of RM25.05 billion.
Year to date, the counter has skyrocketed 1,297% from 70 sen.
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