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Supermax hit after owner said he supports PR
Written by Ho Wah Foon of theedgemalaysia.com
KUALA LUMPUR (April 29): Shares of SUPERMAX CORPORATION BHD  were sold down today after its major and controlling shareholder openly stated that he supports the opposition alliance Pakatan Raykat (PR).
But TOP GLOVE CORPORATION BHD , its main competitor which produces largely similar range of rubber gloves, became one of the top gainers today.
“My clients are selling Supermax as they believe Supermax will lose contracts to supply medical gloves to government hospitals if Barisan Nasional retains power,” said a senior dealer.
“We think Supermax’s losses may be gained by Top Glove. While my clients respect Thai for his bravery to say what we dare not say, we have to protect our own investments,” he added.
At 4.11 pm, Top Glove – the world’s biggest producer of rubber gloves – soared 31 sen or 5% to RM6.45 per unit on trades of 1.59 million shares. It was still the top gainer in late trades.
But Supermax fell 8 sen or 4% to RM2.00, on 7.8 million shares. The latter was one of the most active and top losers in morning trades.
Stanley Thai, in an interview with Bloomberg, said he is joining thousands of fellow ethnic Chinese citizens in “abandoning support for Prime Minister Najib Razak and voting for the opposition for the first time in the May 5 general elections.”
“Why are the Chinese against the government — it’s simple,” Thai, 53, said in an interview last month, which was posted on Bloomberg last Friday. Local newspapers carried the report over the weekend.
“We don’t want our children to suffer what we suffered, deprived from education, from career opportunities, from business opportunities,” Thai said.
Supermax, according to Bloomberg report, is the country’s third-largest medical glove-maker, now exports 24 billion gloves a year.
“We have been brainwashed from Day 1,” Thai was quoted as saying. “We were born and bred with fear and threats by our own government.”
In recent years, Thai has been hitting out the government on its policy with regards to the rubber glove sector. He is also seen expanding his manufacturing plants overseas, to as far as South America.