Mieco’s share price up on news of Great Platform takeover

PETALING JAYA: Mieco Chipboard Bhd’s share price rose 2.72% this morning after it announced plans to takeover Great Platform Sdn Bhd from its holding company SYF Resources Bhd for RM58.59 milllion yesterday.

As at 10.31am, Mieco is the top 10th active stock on Bursa Securities. Its share price stood at 94.5 sen with 6.96 million shares changing hands. It has a market capitalisation of RM496 million.

Mieco said the takeover will enable the group to enlarge its production lines of particle boards with the addition of two existing plants.

The total amount payable by Mieco to SYF comprises RM7.06 million in purchase consideration, while the remaining RM51.53 million is Great Platform’s liabilities consisting of payment owing to SYF.

SYF rose 1.91% at 53.5 sen at 10.31am with 940,900 shares traded.