Supermax proposes 1-for-65 treasury share distribution

18 Sep 2019 / 15:02 H.

PETALING JAYA: Supermax Corp Bhd proposes a final dividend via the distribution of one treasury share for every 65 Supermax share held in respect to its financial year ended June 30, 2019.

The glove manufacturer estimated the exercise will translate into a distribution of 21 million Supermax shares with an estimated value of RM33.4 million based on the last five trading days’ weighted average price of RM1.59.

Supermax said the group has been streamlining its focus to improve its revenue and earnings with the current production capacity of approximately 21.7 billion pieces per annum.

“By calendar year 2020, through the completion of Plant #12 and rebuilding & replacement plan, total production capacity will increase by 25% to 27.4 billion pieces.”

It also said the aquisition of the 65,550-sq metre freehold land with industrial premises at Meru, Klang will allow the group to construct another three new plants that will further increase its total capacity to approximately 44.1 billion pieces per annum.

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