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”.

Consequently, Datuk Mohamed Moiz J.M. Ali Moiz, Abdul Sathar M.S.M. Abdul Kadir and Krishnan Periyasamy also ceased to have indirect interests in Mieco, which they used to own through Purnama Kuantum.

Mieco’s shares closed unchanged yesterday at RM1.15. The counter had been rallying since the end of last month, having gained about 72% from its closing price of 67 sen on June 29.

Purnama Kuantum emerged as the single-largest shareholder of Mieco in January, with 119.19 million shares, or a 56.76% stake, in the company, after entering into a conditional letter of agreement with Ambang Sehati and BRDB for the proposed purchase of the shares.

Moiz, Sathar and Krishnan were then deemed to have an indirect interest in the Mieco shares via their respective 33.3% equity interests in Purnama Kuantum.