Ewein subsidiary gets Pioneer Status for maintenance of Fort Cornwallis

by **Cals** Tue 09 Jun 2015, 08:27

Ewein subsidiary gets Pioneer Status for maintenance of Fort Cornwallis

KUALA LUMPUR (June 8): Precision sheet metal fabricator Ewein Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s wholly-owned subsidiary Esplanade Park Sdn Bhd (EPSB) has been awarded five-year Pioneer Status by the Malaysian Investment Development Authority (Mida).
In a filing with Bursa Malaysia, Ewein (valuation: 1.4; fundamental: 0.5) said EPSB received the status under the Promotions of Investment Act 1986 for its tourism project in the 229-year-old Fort Cornwallis.
According to the Act, a company that is granted the status would enjoy different degrees of tax exemption depending on the types of promoted products or activities.
It was reported that Ewein has spent RM1.5 million so far for landscaping after being selected through a request for proposal (RFP) to maintain, operate and manage the fort and its surrounding beginning June 1 last year.
Ewein, through Ewein Zenith Sdn Bhd (a joint venture with Consortium Zenith BUCG Sdn Bhd), is expected to develop the RM800 million mixed development project on a 1.5-ha freehold land in Bandar Tanjung Pinang, on Penang island.
On June 1, Ewein announced the incorporation of a new 60%-owned subsidiary called Ewein Zenith II Sdn Bhd in anticipation of a mixed development project with an estimated gross development value of RM1 billion on a second parcel of land measuring 1.73ha at the same place.
Both these lands are part of 44.5ha of land given by the Penang government to Consortium Zenith to fund the RM6.3 billion integrated infrastructure project featuring three highways and an undersea tunnel.
Ewein’s shares dropped 0.015 or 1.6% to close at 92 sen, giving it a market capitalisation of RM197.2 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)