Mieco receives takeover offer from SYF Resources’ Ng

TheStar Wed, Oct 05, 2016 07:25am - 7 years View Original


Mieco’s plant in Kuala Lipis. For the second quarter to June 30, 2016, Mieco posted a net profit of RM816,000 from RM6.74mil previously. Revenue dropped 18.38 to RM79.3mil.

Mieco’s plant in Kuala Lipis. For the second quarter to June 30, 2016, Mieco posted a net profit of RM816,000 from RM6.74mil previously. Revenue dropped 18.38 to RM79.3mil.

PETALING JAYA: Mieco Chipboard Bhd has received an unconditional mandatory takeover offer from SYF Resources Bhd executive chairman and chief executive officer Datuk Seri Ng Ah Chai.

Ng has offered to acquire all the remaining shares of Mieco not already held by him for a cash offer price of 90 sen each.

Ng entered into a conditional share sale agreement with BRDB Developments Sdn Bhd on June 30 for the acquisition of 119.19 million shares of RM1 each in Mieco, representing approximately 56.76% of Mieco for a total purchase consideration of RM107.27mil or equivalent to 90 sen per Mieco share to be fully satisfied by cash.

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