Interest picks up in Penang-based Ewein as share price and volume rise
TheEdge Tue, Feb 07, 2023 04:00pm - 6 days



MAIN Market-listed Ewein Bhd appears to be back on investors’ radar screens as shares of the property developer have risen by 64% since Jan 13, to a 52-month intra-day high of 57.5 sen apiece on Jan 19. Shares of the company also saw heavy trading volume from Jan 13 to 19.

What could be brewing at the Penang-based property developer, whose founder and executive chairman Datuk Ewe Swee Kheng committed suicide in October 2021? It is worth noting that his brother, Ewe Swee Kiat, resigned as the group’s non-executive director on Nov 17, 2022, to “pursue other business interests and personal commitments”, according to a filing with Bursa Malaysia. Swee Kiat, a lawyer, was appointed to the board on Nov 18, 2021.

His sister Ewe Lay Khim, who was made executive chairman also on Nov 18, 2021, remains in her position at the time of writing. A chemist by training, she was appointed a non-independent non-executive director at Ewein on May 27, 2015.

“The industry has been hearing about a boardroom restructuring at the company with a new shareholder emerging. However, there are no details on who that might be,” a market observer says.

According to its 2022 annual report, Ewein’s largest shareholder as at April 5, 2022, was Hijauwasa Sdn Bhd with a direct interest of 39.99%.

Thus far, there has been no announcement on any shareholder changes since Oct 1, 2021, when the company disclosed that a 39.99% stake, or 37.5 million Ewein shares, had been transferred from Amsec Nominess (Tempatan) Sdn Bhd to Hijauwasa.

Hijauwasa is the private vehicle of the late Swee Kheng.

A check with the Companies Commission of Malaysia (SSM) shows that Hijauwasa is still held by the Ewe family. The group has no other major substantial shareholders.