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Ewein incorporates unit in anticipation of next job

KUALA LUMPUR (June 2): Ewein Bhd, which is looking to bag the next parcel of land Consortium Zenith BUCG Sdn Bhd (CZBUCG) will be offering in Bandar Tanjong Pinang, Penang for development, is incorporating a new 60%-owned subsidiary called Ewein Zenith II Sdn Bhd in anticipation of the proposed project.

The remaining 40% stake in Ewein Zenith II will be held by CZBUCG.

In a filing with Bursa Malaysia, Ewein said the board of directors of its wholly-owned subsidiary Ewein Land Sdn Bhd yesterday approved to incorporate Ewein Zenith II.

“An application has been made to the Companies Commission of Malaysia today (yesterday) for the said incorporation,” it added.

The proposed directors of Ewein Zenith II will be Ewein managing director Datuk Ewe Swee Kheng, CZBUCG chairman Datuk Zarul Ahmad Mohd Zulkifli and Ewein director Chan Gooi Yew.

Ewein said the intended principal activities of Ewein Zenith II will be property development, construction and property investment.

According to a source close to the matter, the incorporation of Ewein Zenith II is in anticipation of Ewein bagging the next parcel of land measuring 4.29 acres (1.73ha) at Bandar Tanjong Pinang.

“Its (Ewein) chances are getting more visible. That is why it is setting up a new subsidiary, with the purpose of managing the proposed project,” the source told The Edge Financial Daily yesterday.

In an April interview with The Edge Financial Daily, Ewe indicated that the next property project in Bandar Tanjong Pinang was likely to be another high-rise residential development. It is understood that the second project will have a gross development value (GDV) of RM1 billion.

If successful, it would be Ewein’s second project in Penang. On March 31, 2015, Ewein, through Ewein Zenith Sdn Bhd — a 60:40 joint venture between Ewein and CZBUCG — received planning permission from the Penang Island City Council to develop luxury serviced apartments on a 3.67-acre piece of freehold land in Bandar Tanjong Pinang.

Dubbed “City of Dreams”, the project features two blocks of 38-storey towers housing a total of 572 units, with built-ups ranging from 1,100 sq ft to 2,350 sq ft.

Ewein shares fell 4.5 sen or 4.62% to close at 93 sen per share yesterday, giving it a market capitalisation of RM205.66 million.

This article first appeared in The Edge Property pullout, on June 2, 2015.

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