(Updated)

Supermax volume spikes to highest in five months, price plunges on US withhold release order due to forced labour claims

Supermax volume spikes to highest in five months, price plunges on US withhold release order due to forced labour claims
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KUALA LUMPUR (Oct 21): Supermax Corp Bhd’s share-trade volume spiked to its highest in over five months at 78.34 million on Thursday (Oct 21) from 11.17 million a day earlier while the rubber glove manufacturer’s stock price plunged more than 11% after the US Customs and Border Protection (CBP) issued a withhold release order (WRO) on gloves produced by Supermax Corp’s wholly-owned subsidiaries Maxter Glove Manufacturing Sdn Bhd, Maxwell Glove Manufacturing Bhd and Supermax Glove Manufacturing due to forced labour allegations.    

At 5pm, Supermax Corp's share price closed down 20 sen or 8.89% to RM2.05 after falling as much as 25 sen or 11.11% to RM2. The stock was traded at between RM2 and RM2.12.

At its closing share price of RM2.05, Supermax Corp has a market value of about RM5.33 billion based on the company's 2.6 billion issued shares.

Supermax Corp’s share-trade volume at 78.34 million on Thursday (Oct 21) is the highest in over five months since May 6, 2021 when its volume stood at 106.05 million.

More to come