Supermax shares fall 2.34% after Stanley Thai loses bid to be reappointed

PETALING JAYA: Supermax Corp Bhd’s share price fell 2.34% this morning after Datuk Seri Stanley Thai Kim Sim failed in his bid to be reappointed as director.
At midday, the stock was 2.34% or 10 sen lower at RM4.18 with 4.34 million shares changing hands. The stock was the 14th top loser on the bourse during the morning trade session.
Yesterday, the Securities Commission Malaysia (SC) said Thai’s application to be reappointed as a director of Supermax has been dismissed by the High Court.
Thai sought the application after he was disqualified as a director of Supermax following his conviction of an insider trading offence in November 2017.
Late last year, Thai was sentenced by the Kuala Lumpur Sessions Court to a five-year jail term and fined RM5 million for insider trading offences committed when he was CEO of now-delisted APL Industries Bhd (APLI).
APLI was one of the companies under the Supermax’s group of companies.
Meanwhile, Thai’s wife Datin Seri Tan Bee Geok and her sister Tan Bee Hong have been convicted of insider trading offences by the Sessions Court. Both were sentenced to a five-year jail term and fined RM7 million each.
Supermax said the Sessions Court has granted a stay of execution pending appeal against the conviction and sentence.
Bee Geok, who was a former executive director of APLI, has also vacated office at Supermax where she was the executive director.
The group said that a succession plan is in place and reassured the public that it is business as usual at Supermax.
It also said that the management team is committed to delivering good business performance and profitability, and that the position of the business remains intact.