Ewein slumps 14% after adviser recommends rejecting takeover offer FMTNews FMTBusiness
Ewein’s flagship property development is the RM800 million City of Dreams luxury serviced apartment project in Penang.
However, at RM1.38, Ewein’s share price was at its second-highest ever, giving it a market capitalisation of RM416.19 million. It advised shareholders to reject the deal, adding the offer price of 60 sen per share was not fair as it represents a discount of 44 sen or 42.31% to the estimated value of Ewein shares derived using the sum-of-parts valuation methodology of RM1.04.
He made the offer after raising his stake to 43.82% from 3.84%, after acquiring a 39.99% stake from Hijauwasa Sdn Bhd for RM72.36 million. Ewe was the executive chairman when he passed away at age 53 in October 2021. It was reported he was one of the prosecution witnesses in the RM6.3 billion Penang undersea tunnel graft case involving former Penang chief minister and finance minister Lim Guan Eng.Ewein is a precision sheet metal moulds, tools, dies and fabricated parts manufacturer, used in electrical and electronics equipment. The group has also diversified into property development in recent years.
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