In a large mixing bowl, add the butter, shortening, vanilla extract, and 3/4 cup of powdered sugar. Beat with an electric mixer on medium speed until smooth and creamy.
To the mixing bowl, add the eggs, flour, 1/2 cup malted milk powder, and cocoa powder. Beat until well blended.
Cover and place the bowl in the fridge for at least 2 hours or even overnight.
When ready to bake, preheat your oven to 180 C (350 F). Line 2 cookie sheets with foil (for easy clean up).
Shape slightly rounded teaspoonfuls of dough into balls, place 2 inches apart on the prepared cookie sheets.
Bake for 14-16 minutes or until lightly browned. Remove to wire racks to cool for 5 minutes.
While the cookies are cooling, mix together 1 cup of powdered sugar and 1/2 cup of malted milk powder in a medium mixing bowl. Roll warm cookies in mixture to coat, place cookies on rack to cool completely.
Serve and enjoy.