Mieco plans private placement

In a filing with Bursa Malaysia yesterday, Mieco proposed to issue up to 168 million new shares or 20% of the existing issued shares. (Mieco Chipboard's factory. - File pic)

PETALING JAYA: Mieco Chipboard Bhd plans to undertake a private placement exercise to fund the acquisition of loss-making Seng Yip Furniture Sdn Bhd for RM50mil and for working capital purposes.

Seng Yip is a wholly-owned unit of SYF Resources Bhd. Post-acquisition, Seng Yip will become a wholly-owned unit of Mieco.

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