Despite the passing of its founder, it is still business as usual for the property developer
by S BIRRUNTHA / Pic by TMR GRAPHIC
EWEIN Bhd founder and executive chairman Datuk Ewe Swee Kheng died in the early hours of yesterday after falling from a high-end condominium at Kelawei Road in Penang.
The group announced the demise of the 53-year-old in a Bursa Malaysia filing yesterday.
“The board of directors of Ewein is sad to announce that Datuk Ewe Swee Kheng, our executive chairman, has passed away on Tuesday, Oct 5, 2021.
“The board expresses its deepest sorrow over the death of Datuk Ewe and conveys its deepest condolences to his family,” it noted.
The board added that Ewein has an experienced management team, most of whom have been with the group for years and is confident with the management’s abilities to continue with the group’s business as usual.
The deceased was also a key witness to the proposed RM6.3 billion Penang undersea tunnel project case involving former Penang chief minister and former finance minister Lim Guan Eng.
In 2018, Ewe was arrested by the Malaysian Anti-Corruption Commission for investigations into claims of corruption in the undersea tunnel project.
However, the property developer had maintained neither Ewein nor its subsidiaries were involved in the undersea tunnel project.
Ewein’s board noted that it does not expect the investigation to have any operational, management or financial impact on the group, as its executive MD Chuah Poh Lim will continue to run the business.
Ewe was appointed as Ewein’s MD on Jan 11, 2008. Prior to founding the Ewein Group, he started his first business under Audio Tech Industries Sdn Bhd in 1989, which is engaged in the manufacturing of speaker grilles for the consumer electronics market.
In 1990, he established Precision Press Industries Sdn Bhd to design and fabricate precision moulds, tools and dies for the sheet metal fabrication industry.
He also established Tekun Asas Sdn Bhd as a pioneer in precision sheet metal fabrication under Malaysian Investment Development Authority’s promoted industry.
Ewe was also the advisor to Malaysia Entrepreneurs’ Development Association in Penang.
Under his leadership and direction, Ewein has transformed into a major property developer while maintaining a reputable position in precision sheet metal fabrication and property investment and management.
Ewein’s real estate assets include Menara IJM Land, Fort Cornwallis, factory premises and a public car park.
Its property development arm developed the City of Dreams, a RM800 million luxury serviced apartments project between Tanjung Tokong and Gurney Drive in Penang.
Ewein’s shares fell as much as 4.5 sen or 14.06% to a low of 27.5 sen yesterday morning before closing four sen or 12.5% lower at 28 sen at the end of trade yesterday, giving the company a market capitalisation of RM84.44 million.