KUALA LUMPUR (April 20): Particleboard manufacturing company Mieco Chipboard Bhd (KL:MIECO) has proposed to change its name to Mieco Bhd, subject to shareholders’ approval.
In a bourse filing on Monday, the company said the proposed name change will be tabled for approval at its 53rd annual general meeting (AGM) scheduled for May 29.
If approved, the name change will take effect from the date the company receives the notice of registration of the new name from the Companies Commission of Malaysia.
The name change follows the company’s plans to sell 16.9 acres (68,532.58 sq m) of land, with a factory on it, in Semenyih, Selangor, to hamper specialist Jin Ye Ye Sdn Bhd for RM57 million.
Mieco Chipboard, which manufactures chipboard and solid wood products, also operates manufacturing plants in Pahang and Negeri Sembilan.
The proceeds will be used to cover the total outstanding payment on the property, while the remainder of the funds will accrue towards working capital, and sale-related expenses and taxes.
Previously, Mieco Chipboard also saw a boardroom change with the appointment of independent and non-executive director Datuk Chua Hock Gee, who was previously chairman of KPS Consortium Bhd (KL:KPSCB).
Shares of Mieco Chipboard were unchanged at 65.5 sen at Monday’s closing, valuing the group at RM655 million.