Mieco Chipboard Bhd is selling 16.9 acres (68,532.58 sq m) of land, including an office, factory, and warehouse in Semenyih, Selangor, to hamper specialist Jin Ye Ye Sdn Bhd for RM57 million.
The company said in a Bursa Malaysia filing on Thursday that the sale is a strategic move to strengthen its long-term viability amid challenging market conditions. Proceeds will mainly be used to redeem the property, with the remainder allocated for working capital, disposal-related expenses, and taxes.
Mieco expects to record a net gain of RM11.27 million from the transaction, as the property’s audited net book value stood at RM40.23 million as of December 2024.
Jin Ye Ye, jointly owned by Andy Tan Kim Soon and Alan Tan Kim Chai, is a provider of wholesale, retail, and trading services in confectioneries, processed foods, and beverages, describing itself as a hamper specialist.
The sale, executed through Mieco’s unit Seng Yip Furniture Sdn Bhd, is governed by a conditional sale and purchase agreement and is expected to be completed in the second half of 2026.
Mieco’s shares were untraded on Thursday, last closing at 65 sen on March 18, giving the company a market value of RM650 million.
