This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

Privately held Supermax Holdings Sdn Bhd, which holds 40.3% in glove manufacturer, Supermax Corp Bhd (KL:SUPERMX), is no ordinary company.

It has assets in the form of fixed deposits and holds the controlling block of shares in Supermax, which has manufacturing plants in Malaysia and the US. Based on a company search, Supermax Holdings has total assets of RM916.7 million and liabilities of RM897.4 million as at June 30, 2025.

Its retained earnings stood at RM915.8 million and the company, which is owned by Datuk Seri Stanley Thai and Datuk Wira Cheryl Tan, declared a dividend of RM46 million in 2024. Supermax Holdings’ 40.3% stake in Supermax is worth about RM550 million and, based on court filings, had fixed deposits of about RM162 million.

Thai holds a 57.5% stake in Supermax Holdings, while Tan owns the remaining 42.5%. Both are founders of Supermax and have initiated divorce and judicial separation proceedings, citing irreconcilable differences in their marriage.

Supermax Holdings was set up as a family trust company in 2018. However, following their differences, Tan filed suit to wind up Supermax Holdings in 2024.

Last week, both Thai and Tan agreed to the wind-up of Supermax Holdings, paving the way for the assets to be distributed to both parties in proportion to their shareholdings.

Thai will receive shares amounting to about 23.41% in Supermax while Tan will directly hold 17.31% in the glove producer. Apart from shares, the other assets in Supermax Holdings will also be distributed to the two.

Considering that the company will no longer have a single dominant shareholder, will Thai and Tan increase their interest in the listed company? Also, now that Tan will have direct interest over her portion of shares, would she be able to exert her influence over the Supermax board that now comprises mainly nominees of Thai?

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