Stanley Thai expected to helm Supermax again
In late September 2020, Dato’ Seri Stanley Thai Kim Sim, 60, was acquitted of insider trading charges involving a former delisted associate company of Supermax Corporation Berhad (Supermax) called APL Industries Bhd (APLI). APLI was a loss making glove maker. Investors expect Dato’ Seri Stanley Thai to make a return to Supermax, the company he founded with his wife, Datin Seri Cheryl Tan Bee Geok in 1987. Datuk Seri Stanley was Group Managing Director of Supermax and his wife, the Group Executive Director, before they resigned in the face of the charges against them in 2017. The couple’s daughter, Cecile Jaclyn Thai, 32, was appointed Executive Director of Supermax in 2018. Cecile Jaclyn holds a Bachelor of Arts (BA) degree in Economics from Northwestern University; as well as a Master of Business Administration (MBA) degree, with concentrations in Entrepreneurship, Strategic Management, and Marketing Management, from the University of Chicago Booth School of Business. Also appointed Executive Director was the nephew of Stanley Thai, Tan Chee Keong, 42, who has been working with Supermax since July 2000. Tan graduated from University of Staffordshire, UK with a Bachelor of Computing & Information Systems degree (Hons). He has more than than 19 years of experience in the US Healthcare glove market and is concurrently the Chief Executive Officer of Supermax Healthcare Inc. Also on the Board is Dato’ Tan Geok Swee @ Tan Chin Huat, 70, the brother-in-law of Stanley Thai.
Dato’ Seri Stanley Thai graduated from the University of Windsor, Ontario, Canada with a Bachelor of Commerce degree (Hons) in 1982. He started his early business training with Mulpha International Berhad before venturing out into business in 1987 with the founding of Supermax. His wife, Datin Seri Cheryl Tan, also graduated with a Bachelor of Commerce degree (Hons) from the same University.
The founders started Supermax in 1987 as a trading business to distribute latex gloves. In 1989 the company ventured into the manufacturing of latex gloves. Today, the Supermax Group has twelve factories manufacturing various types of nitrile latex and natural rubber gloves, which are exported to over 165 countries around the world. Supermax has production capacity of about 24.0 billion pieces of gloves per annum and will end the calendar year 2020 with just over 26 billion pieces in installed capacity. Its order book has swelled to over 23 billion pieces of gloves from 7 billion pieces pre-Covid-19. The Group has accelerated its expansion program and for the first time in its history, will be constructing 5 factories simultaneously. Production lines will be commissioned progressively at each plant with about 10 billion pieces added to installed capacity in calendar year 2021 and another 12 billion pieces added in 2022. RM1.3 billion has been allocated for this expansion program over the next 2 years.
Besides its principal business of making gloves, Supermax has invested RM100 million in a state-of-the-art contact lens manufacturing facility (SuperVision Optimax). SuperVision is capable of producing a wide range of affordable lenses that are in demand in the marketplace and is marketed under the brand “AVEO”. It is the first homegrown contacts lens manufacturer. The Supermax Group has also ventured into face mask manufacturing to expand its PPE product offerings.
For the FY ended 30 June 2020 Supermax Corporation Berhad achieved a revenue of RM2.13 billion and pre-tax profit of RM680 million. The covid pandemic has boosted both revenues and profits. In FY2019, revenue was RM1.54 billion and pre-tax profit was FM172.4 million.
As at 15 October 2020 there are only two substantial shareholders in Supermax - Dato’ Seri Stanley Thai with a stake of 21.98% and his wife, Datin Cheryl Tan with a stake of 16.27%, making a combined total of 38.25%.
- Supermax Corporation Berhad. Corporate Information. Financial highlights. Annual Report 2020. download (bursamalaysia.com)
- The Star. 30 September 2020. Nurbaiti Hanim Hamdan. Stanley Thai acquitted by High Court. https://www.thestar.com.my/business/business-news/2020/09/30/stanley-thai-acquitted-by-high-court
- The Sun Daily. SunBiz. 29 September 2020. Supermax co-founders acquitted of insider trading. https://www.thesundaily.my/business/supermax-co-founders-acquitted-of-insider-trading-AG4329772
- The Edge Markets. 10 August 2018. Supriya Surendran. Supermax founder’s wife, sister-in-law convicted of insider trading. https://www.theedgemarkets.com/article/supermax-founders-wife-sisterinlaw-convicted-insider-trading