PETALING JAYA: The stock price of Malaysian glove maker Supermax Corp fell 3.85% after Norway’s wealth fund, worth US$1.2 trillion, placed the company under observation for two years, citing human rights violations.
The shares of the company went down from a high of 92 sen to 87.5 sen at 3.37 pm.
The fund made the move citing “unacceptable risk that the company contributes to serious violations of human rights,” according to a Reuters report.
“The executive board has made the assessment that the company’s announced measures to improve living and working conditions for migrant workers leave uncertainty about future developments,” the report said, citing a statement from the Norwegian fund.