Supermax spent RM110m on share buy-backs this month

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KUALA LUMPUR (Sept 29): Rubber glove manufacturer Supermax Corp Bhd has spent RM43.11 million in its most recent share buy-back exercise.

In a bourse filing, the group said the 5.04 million shares were bought at a minimum price of RM8.30 and a maximum price of RM8.75.

This brought to RM110.41 million the total the group has spent on undertaking share buy-backs in this month alone.

Yesterday, it announced that it had spent RM31.29 million on the purchase of 3.59 million shares. Earlier, on Sept 10, the group spent RM36.01 million to buy back 5.49 million shares.

Prior to September, the group undertook a share buy-back on April 30, when it forked out RM7.09 million to purchase 2.89 million shares.

As at the end of the financial year ended June 30, 2020 (FY20), Supermax's cash and cash equivalents stood at RM1.18 billion, compared with RM173.81 million as at the end of FY19.

Supermax is not the only rubber glove manufacturer to have engaged in share buy-backs. Top Glove Corp Bhd and Rubberex Corp (M) Bhd have also undertaken share buy-backs.
Supermax was among the eight biggest losers on Bursa Malaysia today. Its shares reached an intraday low of RM8.17, down 6.52% from yesterday.

The counter recovered to close the day 2.86% or 25 sen lower at RM8.49, valuing the group at RM23.1 billion. Some 34.03 million shares were traded.

Meanwhile, Supermax's former managing director Datuk Seri Stanley Thai Kim Sim saw his conviction for insider trading in relation to shares in APL Industries Bhd reversed by the High Court today.

He had been sentenced to five years' jail and fined RM5 million by the Sessions Court in November 2017 after being found guilty.

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High Court overturns guilty verdict in Stanley Thai's insider trading case

S Kanagaraju