Supermax spends RM53.92 mil in first share buyback of 2021

Supermax spends RM53.92 mil in first share buyback of 2021
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KUALA LUMPUR (Jan 22): Supermax Corp Bhd has spent RM53.92 million to buy back its own shares today, its first share buyback exercise this year.

In a bourse filing, the glove manufacturer said it bought back 8.15 million shares at between RM6.24 and RM6.70 apiece.

It now holds 102.98 million cumulative net outstanding treasury shares, which is equivalent to 3.79% of its total share capital of 2.72 billion shares.

The last time Supermax indulged in share buybacks was last September, when it spent a total of RM110.41 million to buy back 14.12 million of its own shares in three days.

Prior to September, Supermax only bought back its shares once last April when it spent RM58.11 million on the exercise.

That means Supermax has spent a total of RM222.44 million on share buybacks since last April. The amount represents 28.17% of its net profit for the first financial quarter ended Sept 30, 2020 (1QFY21) of RM789.52 million.

Supermax shares finished 6.87% or 42 sen higher at RM6.53 today, valuing it at RM17.77 billion. It saw 53.57 million shares done.

Tan Choe Choe