Supermax shares lower at mid-morning

by BERNAMA / pic by BERNAMA

SHARES of Supermax Corporation Bhd was traded lower today after the High Court reversed the Sessions Court’s guilty verdict on its former managing director for insider trading.

Judicial Commissioner Datuk Azhar Abdul Hamid yesterday reversed the court’s verdict against Datuk Seri Stanley Thai Kim Sim, as well as the conviction of former remisier Tiong Kiong Choon.

On Nov 24, 2017, Thai was sentenced to five years jail and fined RM5 million by the Sessions Court after he was found guilty of insider trading in relation to shares in investment holding company, APL Industries Bhd.

At 10.40 am today, the rubber glove stock was among the top losers on Bursa Malaysia, erasing nine sen, or 1.06 per cent, to RM8.40, with 3.84 million shares transacted.

Meanwhile, rubber glove counters across the board saw a correction today, with Top Glove Corp Bhd down seven sen to RM8.40, Hartalega Holdings Bhd shedding 26 sen to RM16.74, and Kossan Rubber Industries Bhd sliding 10 sen to RM13.80.