Ewein unit terminates Penang land purchase

PETALING JAYA: Ewein Bhd’s 60%-owned Ewein Zenith II Sdn Bhd has terminated the acquisition of a piece of land measuring 4.4252 acres in Tanjong Pinang, Penang, for RM162 million from Consortium Zenith Construction Sdn Bhd.

It said in a filing with Bursa that the abortion is due to the substantial reduction in land size to only about 2 acres following a land alienation exercise.

The land was earmarked for the development of residential and commercial property projects.

Pursuant to the termination agreement, Consortium Zenith has to refund a sum of RM16.2 million, being the deposit, to Ewein Zenith II within three months. Consortium Zenith holds the remaining 40% stake in Ewein Zenith II.

Ewein is also undertaking a development known as “Wellness City of Dreams” in Tanjong Pinang.

Ewein shares fell half a sen to close at 53.5 sen yesterday, with some 108,000 traded. It has a market capitalisation of RM161.35 million.

Source: The Sun Daily

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