KUALA LUMPUR: Supermax Corp Bhd’s share price fell 2.1 per cent in the morning session today after news that its group executive director Datin Seri Cheryl Tan Bee Geok and her sister were fined RM7 million and sentenced to a five-year jail term each for insider trading offences.
At 10.12am, Supermax shares declined nine sen to RM4.19 from yesterday’s close of RM4.28, with 2.80 million shares changing hands.
Yesterday, the Securities Commission Malaysia said in a statement that the Kuala Lumpur Session Court had convicted Tan, who is also the spouse of Supermax’s founder and former executive chairman and group managing director Datuk Seri Stanley Thai, of insider trading offences involving APL Industries Bhd (APLI) shares.
APLI was one of the companies under the Supermax group of companies and Tan was the former executive director of APLI.
Supermax was reported as saying that it’s “business was as usual” with the group and the management confident of maintaining and improving the company’s performance in the next few quarters.—BERNAMA