Supermax’s Stanley Thai and spouse transfer shares into investment vehicle

Supermax Corp Bhd founder Datuk Seri Stanley Thai Kim Sim (Filepix by theedgemarkets)

Supermax Corp Bhd founder Datuk Seri Stanley Thai Kim Sim (Filepix by theedgemarkets)

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KUALA LUMPUR (Dec 3): Supermax Corp Bhd founder Datuk Seri Stanley Thai Kim Sim and his wife Datin Seri Tan Bee Geok have transferred their shares in the glove manufacturer into an investment vehicle, Supermax Holdings Sdn Bhd.

In a filing with Bursa Malaysia, Supermax Corp said a combined equity stake of 38.26%, or 982.69 million shares, was transferred to Supermax Holdings from the couple today.

Following this, Supermax Holdings has emerged as a substantial shareholder of Supermax Corp.

Both Thai and Tan, meanwhile, remain as substantial shareholders of Supermax, as they are deemed interested in the shares held by Supermax Holdings, pursuant to Section 8 of the Companies Act 2016.

Thai founded Supermax Corp in 1987, mainly for distributing latex gloves, and subsequently ventured into manufacturing the product in 1989.

The group has grown significantly since then, becoming one of the largest glove manufacturers in the country. It is expected to have a production capacity of 26 billion pieces of gloves per annum by the end this year, according to its 2020 annual report.

Meanwhile, Supermax Corp’s share price has surged by more than 12 times this year on surging demand for gloves, amid the Covid-19 pandemic. The counter rose 0.58% to RM8.70 today, valuing the group at RM22.35 billion. There were some 10.47 million shares traded.

Supermax Corp has also been added today into the FTSE Bursa Malaysia KLCI, following the semi-annual review of the FBM index series.

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