After apology from boss, Supermax stock surges
The company surged as much as 6.9% at the Kuala Lumpur Stock Exchange.
Supermax Corp group managing director Stanley Thai. (Bloomberg pic)
KUALA LUMPUR: Glovemakers Supermax Corp is rallying after its founder Stanley Thai apologised to Prime Minister Najib Razak for supporting the opposition in the last general election.
Supermax surged as much as 6.9% in Kuala Lumpur after Thai apologised in a press conference over the weekend.
Thai reportedly said he realised it was wrong for him as a businessman to be involved in politics.
âAs a member of the business community I like to see political stability,â he said.
âBusinesses operating in Malaysia will continue to prosper with the sound economic policy of the ruling government that is led by Prime Minis ter Datuk Seri Najib.â
Thai was sentenced to a five-year jail term and fined RM5 million for insider trading in November and is currently appealing against the conviction and sentencing.
Even without Thaiâs âmea culpaâ speech, Supermax has been having a good 2018 so far: the stock had gained 30% this year through Friday amid strong fourth-quarter results reported in February.
Supermax boss says sorry to Najib over support to opposition in GE13
Source: Google News