PROPERTY developer and manufacturer Ewein Bhd plans to purchase two plots of land in Seberang Perai, Pulau Pinang, along with a factory and a warehouse, for RM41.8 million in cash.
The Penang-based company said the acquisition was to enable it to expand its manufacturing segment specifically on the production of electronic component products.
In an exchange filing yesterday (Nov 10), Ewein said its unit SkyDorm Industries Sdn Bhd has entered into a sales and purchase agreement with canned food and drink company Rex Canning Co Sdn Bhd to acquire the two plots of land, measuring 24,377 square metres and 7,051 square metres, in Taman Perindustrian Bukit Minyak, Simpang Ampat.
The larger land plot houses a 20-year-old factory with a built up area of 194,056 sq ft while the second land plot has a 10-year-old warehouse with a built up area of 27,759 sq ft.
SkyDorm is a wholly-owned subsidiary of Ewein Land Sdn Bhd, which in turn is a wholly-owned subsidiary of Ewein. SkyDorm manufactures electronic and medical equipment components.
The acquisition is subject to the consent of Penang Development Corporation (PDC) and Penang State Authority.
On Sept 18, Ewein’s unit SkyDorm Sdn Bhd, which is into construction and letting of industrial properties, paid RM39.77 million for a freehold land measuring 3.9306 hectres, also in the Seberang Perai Tengah district.
The purchase was to acquire landbanks with good development potential for its property development segment and/or property management segment, it told the stock exchange.
Ewein is involved in manufacturing, property investment and management and property development. It developed the City of Dreams, an RM800 million luxury serviced apartments project strategically located between Gurney Drive and Seri Tanjung Pinang.
The company is now led by Tay Seng Chew who came on board the company as its executive chairman on Aug 12. The former banker came out of retirement in June 2020 to join NationGate Solution (M) Sdn Bhd as corporate service director and is presently serving as corporate services director of the Nationgate Group.
Ewein shares ended Friday’s trade at RM1.13, valuing the company at RM341 million. — TMR
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