Supermax shares rise after managing director’s apology

PETALING JAYA: Supermax Corp Bhd’s share price jumped 5.38% this morning after its managing director Datuk Seri Stanley Thai issued an apology to the Prime Minister for his involvement in politics.

At 11.38am, its share price was 5.38% or 14 sen higher at RM2.74 with 3.23 million shares traded.

On Saturday, Thai said at a press conference that he was influenced by propaganda and the opposition during the 13th General Election (GE13) and that he regretted getting involved in politics as a businessman.

Thai said he has completely stopped all political activities and has no affiliation with any political parties since May 2013.

Recall that in 2013, Thai was quoted in a Bloomberg report saying that he would join Malaysian Chinese in abandoning support for Prime Minister Datuk Seri Najib Razak and vote for the opposition in GE13.

Late last year, Thai was sentenced by the Kuala Lumpur Sessions Court to a five-year jail term and RM5 million fine for insider trading offences committed when he was CEO of APL Industries Bhd.

APL Industries, which was delisted from Bursa Malaysia in 2009, was a unit of Supermax. Thai is currently appealing the jail sentence.

Meanwhile, Tan Sri Rafidah Aziz has resigned as chairman of Supermax effective last Saturday for “personal reason”. Rafidah, 74, was appointed as chairman in June 2015.