KUALA LUMPUR (July 27): Mieco Chipboard Bhd shares rose 3.80% in active trade this morning after the company said it is taking over SYF Resources Bhd's unit Great Platform Sdn Bhd for RM58.58 million. It will finance the purchase via a combination of bank borrowing and internal funds.
At 9.13am, Mieco Chipboard rose 3.5 sen to 95.5 sen with 3.10 million shares traded.
Meanwhile, SYF Resources gained 2.86% or 1.5 sen to 54 sen with 225,600 shares done.
The acquisition will help Mieco Chipboard expand its chipboard production capacity, and enable it to penetrate into the existing customer base of Great Platform.