MIECO (5001) - New single largest shareholder emerges in Mieco
Wednesday, 28 January 2015
PETALING JAYA: Purnama Kuantum Sdn Bhd has emerged as the single largest shareholder of Mieco Chipboard Bhd with a 56.76% stake.
A filing with Bursa Malaysia yesterday showed Purnama Kuantum had bought the stake, comprising 119.19 million shares, from Ambang Sehati Sdn Bhd and BRDB Developments Sdn Bhd.
The company had signed a conditional letter of agreement on Jan 21 with Ambang Sehati and BRDB for the proposed purchase of the shares.
Datuk Mohamed Moiz J.M. Ali Moiz is deemed to have an indirect interest in the Mieco shares via his 33.3% equity interest in Purnama Kuantum.
The BRDB buyout by Ambang Sehati in late 2012 was a well-publicised merger and acquisition exercise which started in the previous year as a move to acquire the company’s prized mall and office assets – Bangsar Shopping Centre, Menara BRDB, CapSquare Retail Centre and Permas Jusco Mall – for RM914mil.
The deal quickly drew attention, as not only was it a related-party transaction, but also because many commentators reckoned that the properties might be worth more than the offer price.
Subsequently, Ambang Sehati made a conditional takeover offer of RM2.90 for the shares and RM1.80 for the warrants, a price that was never traded before, succeeding in its privatisation bid.
http://www.thestar.com.my
Wednesday, 28 January 2015
PETALING JAYA: Purnama Kuantum Sdn Bhd has emerged as the single largest shareholder of Mieco Chipboard Bhd with a 56.76% stake.
A filing with Bursa Malaysia yesterday showed Purnama Kuantum had bought the stake, comprising 119.19 million shares, from Ambang Sehati Sdn Bhd and BRDB Developments Sdn Bhd.
The company had signed a conditional letter of agreement on Jan 21 with Ambang Sehati and BRDB for the proposed purchase of the shares.
Datuk Mohamed Moiz J.M. Ali Moiz is deemed to have an indirect interest in the Mieco shares via his 33.3% equity interest in Purnama Kuantum.
The BRDB buyout by Ambang Sehati in late 2012 was a well-publicised merger and acquisition exercise which started in the previous year as a move to acquire the company’s prized mall and office assets – Bangsar Shopping Centre, Menara BRDB, CapSquare Retail Centre and Permas Jusco Mall – for RM914mil.
The deal quickly drew attention, as not only was it a related-party transaction, but also because many commentators reckoned that the properties might be worth more than the offer price.
Subsequently, Ambang Sehati made a conditional takeover offer of RM2.90 for the shares and RM1.80 for the warrants, a price that was never traded before, succeeding in its privatisation bid.
http://www.thestar.com.my
