Stanley Thai and Supermax Spouse Transfer Shares to Investment Vehicle

Founder of Supermax Corp Bhd, Datuk Seri Stanley Thai Kim Sim (Filepix by theedgemarkets)

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KUALA LUMPUR (December 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 maker to an investment vehicle, Supermax Holdings Sdn Bhd.

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

As a result, Supermax Holdings became a significant shareholder of Supermax Corp.

Thai and Tan, on the other hand, remain significant shareholders of Supermax, as they are deemed to have an interest in the shares held by Supermax Holdings, in accordance with section 8 of the Companies Act of 2016.

Thai founded Supermax Corp in 1987, primarily for the distribution of latex gloves, and then ventured into manufacturing the product in 1989.

The group has grown considerably 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 year by the end of this year, according to its 2020 annual report.

Meanwhile, Supermax Corp’s share price has risen more than 12 times this year due to growing demand for gloves, amid the Covid-19 pandemic. The counter rose 0.58% to RM 8.70 today, valuing the group at RM 22.35 billion. Some 10.47 million shares were traded.

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

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