US fund FMR ceases to be Supermax substantial shareholder

Supermax will incur additional labour cost at an average of RM1mil per month due to the minimum wage policy, or RM13mil per annum (9% of its 2013 net profit), according to Kenanga

KUALA LUMPUR: US-based fund FMR LLC has ceased to be a substantial shareholder of glove maker Supermax Corporation Bhd after a series of disposals in January.

Filings with Bursa Malaysia on Friday showed FMR’s stake had fallen below the 5% level or 33.119 million shares after the sale of 500,000 shares on Jan 21.

It had on Jan 20 disposed of 582,300 shares and reduced the shareholding then to 5.00% or 33.619 million shares.

FMR had on Jan 11 sold 211,000 shares.