Mieco: Time to take profit

Yesterday, it was announced that the new major shareholder of Mieco, Purnama Kuantan, has ceased to be the major shareholder when the conditional letter of agreement in relation to the sale & purchase of Mieco shares due to failure to fulfill condition precedents to the transaction since July 20 (here). Purnama Kuantan- linked to Datuk Mohamed Moiz J.M. Ali Moiz of BRDB Development Sdn Bhd ("BRDB") - had earlier acquired 56.76%-stake in Mieco from Ambang Sehati Sdn Bhd and BRDB (here). The latter companies are also controlled by Datuk Mohamed Moiz. 

I don't know how a "restructuring" of shareholding among Datuk Mohamed Moiz's group could fail to be consummated. I also equally surprised that this fact was not disclosed earlier since it was knwon on July 20 and only announced to Bursa Malaysia on July 27 (here).

Since the share price has rallied significantly, I think it is a good idea to take profit on this trade.


Chart: Mieco's monthy chart as at July 28, 2015_9.45am (Source: ShareInvestor)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Mieco.