SUPERMX 7106 SUPERMAX CORPORATION BERHAD accelerates share buyback as major glove rivals halt stock repurchase

 SUPERMX 7106 SUPERMAX CORPORATION BERHAD  accelerates share buyback as major glove rivals halt stock repurchase

KUALA LUMPUR (May 3): At a glance, Supermax Corp Bhd appears to be accelerating its share share buyback as the rubber glove maker’s major rivals Top Glove Corp Bhd, Hartalega Holdings Bhd and Kossan Rubber Industries Bhd halted their stock repurchase at a time when global glove demand is seen normalising from a Covid-19 outbreak-driven rise as vaccine-driven progress generates optimism that the outbreak will be curbed.

Supermax’s Bursa Malaysia filings show that Supermax, which resumed its share buyback on February 28, 2022 following a hiatus since January 22, 2021, has been buying back more shares in March 2022 and April 2022.

According to Supermax’s latest share buyback filing on April 27, 2022, the company had on that day purchased 697,200 shares for RM770,450.84 at RM1.10 each.

Following the purchase, Supermax’s cumulative number of net outstanding treasury shares stood at 55.76 million, according to the company.

On February 28, 2022, Supermax said its cumulative number of net outstanding treasury shares stood at 20.56 million.
On Friday (April 29, 2022), Supermax’s share price closed up two sen or 1.83% at RM1.11 for a market value of about RM3 billion based on the company’s estimated 2.7 billion outstanding shares.

Supermax’s major rivals Top Glove, Hartalega and Kossan appear to have halted their share buyback since 2021, according to these companies’ Bursa filings.

Top Glove said in its latest share buyback filing on February 24, 2021 that its last stock repurchase transaction happened on February 22, 2021 when the company’s cumulative number of net outstanding treasury shares stood at 202.15 million following the repurchase of 10.11 million shares.

Hartalega said in its latest share buyback filing on June 17, 2021 that its cumulative number of net outstanding treasury shares stood at 10.15 million after the firm bought back 350,000 shares on that day.

According to Kossan’s s latest share buyback filing on April 6, 2021, its last stock repurchase transaction happened on March 31, 2021 when the company’s cumulative number of net outstanding treasury shares stood at 6.25 million after it bought back 500,000 shares.

On Friday (April 29, 2022), Top Glove’s share price closed unchanged at RM1.68, Hartalega fell two sen or 0.45% to RM4.40 while Kossan ended up one sen or 0.55% at RM1.84.

Supermax, Top Glove, Hartalega and Kossan are constituents of Bursa’s Health Care index.

Top Glove and Hartalega are also FBM KLCI components.

http://www.theedgemarkets.com/article/supermax-accelerates-share-buyback-major-glove-rivals-halt-stock-repurchase