Little-known Ewein Bhd is making the news in the business press. If the reports are to be believed, the firm is on the verge of landing a major contract relating to the Penang tunnel-highways project.
With all the chatter in recent days, the share price of Ewein, which is involved in precision sheet metal fabrication and plastic injection moulding, has soared:
Similarly for the Ewein warrants:
The Business Star reports how it believes the firm is linked to the Penang highway-tunnel project.
The firm made a profit before tax of RM7.5m on the back of revenue of RM86.0 in 2012.
There has been a lot of movement in the warrants since January 2013 involving major shareholders culminating in a disposal of 1000000 warrants on 27 June at a transacted price of RM0.131:
Who is behind Ewein? The major shareholders at 12 April 2013 are as follows:
Ewe Swee Kheng, a major shareholder who founded Ewein Bhd, is described by Business Week as follows:
Dato’ Swee Kheng Ewe has been the Managign Director at Ewein Berhad since January 11, 2008. Dato. Ewe is the Founder of the Ewein Berhad. Prior to establishing the Ewein Berhad, 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 PPISB to design and fabricate precision moulds, tools and dies for the sheet metal fabrication industry. During the same year, he established TASB as a pioneer in precision sheet metal fabrication under MIDA’s promoted industry. Dato. Ewe was appointed as a director for various companies namely, Vivani Sdn Bhd (the franchisee of Versace), Ewein Holdings Sdn Bhd (the developer for the Palazzo, Penang) and Ewein Winery (M) Sdn Bhd. He is also the committee member of the Penang Chinese Chamber of Commerce (“PCCC”), PCCC Charity Fund Standing Committee and the director of Penang Han Chiang Associated Chinese Schools Association. He serves as a Director at Ewein Berhad.
On 30 April, the Board of Directors of Ewein Berhad announced that the firm intends to seek its shareholders’ approval for proposed amendments to the Articles of Association of the company at its coming AGM.
On 1 July, the company announced that Zarul Ahmad Mohd Zulkifli, has been appointed director of Ewein’s wholly owned subsidiary, Ewein Land Sdn Bhd.
That’s the same Zarul who is the chairman of Consortium Zenith BUCG Sdn Bhd, which was chosen to undertake the RM6.3bn tunnel-highways project.
Ewein Bhd describes Zarul as follows:
He has previously served in various senior positions including Company Secretary of Mobil Oil Malaysia Sdn Bhd, General Manager of Corporate Affairs in Rakyat Merchant Bankers Berhad, Executive Deputy Chairman of Balak Makmur Sdn Bhd, Executive Chairman of Sparkle Option Sdn Bhd, Chairman of Isonet Sdn Bhd, Corporate Advisor of Titian Upaya Sdn Bhd, Director of Four Season Berhad and various private limited companies. He is currently a Chairman of Consortium Zenith BUCG Sdn Bhd, a Director of Formis Network Services Sdn Bhd, which is a subsidiary of Formis Resources Berhad and a Director of CRCC Malaysia Berhad. He is not a Director of any other public company.
Why is Zarul now a director of Ewein Land? What’s up?
The Star report says:
Under the agreement, the state will pay for the cost of construction via 110 acres of reclaimed land in Penang.
It is understood that Ewein, as a contractor, could be entitled to some of this.
No doubt things will get clearer in coming days. There could be a lot more wheeling and dealing going on behind the scenes.
I also find it intriguing that the BN is suddenly praising the tunnel project.
To me, this tunnel project is more about Big Business than providing a long-term solution for the congestion problem in Penang. If we are really serious about the congestion problem, why is it we are still waiting for the Penang Island Local Plan – five years after it was approved by the MPPP in 2008?
What do you think?