KUALA LUMPUR (Oct 9): Shares of Supermax Corp Bhd rose 13 sen or 1.37% this morning after the rubber glove manufacturer said it will be seeking shareholders' approval for another share buy-back exercise of up to 10% of its issued share capital.

At the time of writing, the counter was trading at a three-day high of RM9.65, with 5.07 million shares transacted.

Yesterday, Supermax in a filing to Bursa said it intends to propose the renewal of the existing shareholders' mandate for the company to purchase its own shares at the group’s forthcoming 23rd annual general meeting.

“A statement to shareholders setting out the details of the above proposal and resolution pertaining thereto will be dispatched to the shareholders of Supermax in due course,” it said.

Supermax, which has engaged in share buy-backs over the past few months, has spent RM43.11 million in its most recent share buy-back exercise.

On Sept 29, the group said 5.04 million shares were bought at a minimum price of RM8.30 and a maximum price of RM8.75. This brings the total the group has spent on undertaking share buy-backs in the month of September to RM110.41 million.