KUALA LUMPUR (Sept 30): Mieco Chipboard Bhd said Datuk Seri Akhbar Khan Mohamed Khan had emerged as the new controlling shareholder with a 56.76% stake.

In separate statements to Bursa Malaysia today, Mieco said Akhbar Khan via Datuk Seri Akhbar Khan Trust Co Ltd had acquired Ambang Sehati Sdn Bhd, which owns the Mieco stake comprising 119.19 million shares yesterday.

Today, Mieco said New Zealand-based Datuk Seri Akhbar Khan Trust had bought Ambang Sehati from Datuk Mohamed Moiz J M Ali Moiz, Abdul Sathar MSM Abdul Kadir, Sascha Saleem Khan and Tania Aishah Khan.

According to Mieco, Datuk Seri Akhbar Khan Trust “is the trustee of a discretionary trust, of which the beneficiaries are members of the family of Akbar Khan”.

Mieco said that following the Ambang Sehati transaction, Mohamed Moiz, Abdul Sathar, Sascha and Tania were no longer major shareholders of Mieco.

Shares of Mieco settled unchanged at 94 sen at 12.30pm for a market capitalisation of RM197.4 million.

The stock had jumped 151% this year, significantly outperforming the FBM KLCI’s 8% decline.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)