Purnama Kuantum no more substantial shareholder in Mieco

PETALING JAYA: Purnama Kuantum Sdn Bhd has ceased to be a substantial shareholder of wood-based products manufacturer Mieco Chipboard Bhd since July 20 after a conditional letter of agreement in relation to the sale of Mieco shares was terminated.

According to a filing by Mieco, the letter of agreement dated Jan 21 between Purnama Kuantum, Ambang Sehati Sdn Bhd and BRDB Developments Sdn Bhd in respect of Purnama Kuantum’s proposed purchase of 119.19 million shares, or a 56.76% stake, in Mieco from BRDB was mutually terminated due to “unfulfilment of conditions”.