Mieco shares down after getting approval for proposed acquisition

PETALING JAYA: Mieco Chipboard Bhd's share price fell 4.40% this morning, after it received shareholders' approval for the acquisition of Great Platform Sdn Bhd from its holding company SYF Resources Bhd for RM58.6 million yesterday.
As at 10.52am, the stock stood at 87 sen with 5.86 million shares changing hands. It gained 7.06% to 91 sen yesterday with some 6.87 million shares done.
Mieco has a market capitalisation of RM477.75 million.
Great Platform, which produces and trades particle boards and medium high-density fibre boards, operates two production plants in Negri Sembilan.
Upon the completion of the proposed acquisition, the group's annual production capacity will increase by 20% to 1.08 million cubic meter (cu m), from 900,000 cu m currently.