Mieco to undertake private placement exercise

KUALA LUMPUR: Mieco Chipboard Bhd intends to undertake a fundraising exercise via a private placement, involving the issuance of new shares of up to 20 per cent of the total issued shares of the company to third-party investors to be identified later, at an issue price to be determined later.

Based on the indicative issue price of 44.7 sen per placement share, the proposed private placement is expected to raise gross proceeds of up to RM75.1 million, the chipboards manufacturer said in a filing to Bursa Malaysia today.