Supermax buys back 66.9 million of own shares from April to May

KUALA LUMPUR (May 9): Supermax Corporation Bhd bought back a total of 66.9 million of its own shares from April 19 to May 9, amounting to RM58.45 million.

Supermax's stock exchange filings show that the group's outstanding issued capital stood at 2.72 billion as of Tuesday (May 9).

These buybacks were done within the price range of 82 sen to 91 sen. In comparison, Supermax traded as high as RM9.394 per share in August 2020 at the height of the Covid-19 pandemic, before trending downwards in the following years as the subsiding global pandemic led to a softening in glove demand.

At the time of writing, Supermax shares closed 8 sen or 9.88% higher at 94 sen on Tuesday, giving it a market capitalisation of RM2.44 billion.

It is worth noting that as of the second quarter ended December 31, 2022 (2QFY2022), Supermax's cash and bank balances stood at RM2.473 billion after deducting long-term borrowings of RM42.3 million and short-term borrowings of RM97.3 million.

The cash level is almost as big as the group’s market capitalisation.

Supermax is 39% controlled by executive chairman Datuk Seri Stanley Thai Kim Sim and his wife Datin Seri Cheryl Tan Bee Geok through Supermax Holdings Sdn Bhd.