Ewein subsidiary acquires land worth RM2.83 billion in Penang

Image shows (front row, from left) KAF Investment Bank Bhd CEO Rohaizad Ismail and EZ deputy chairman Dato Ewe Swee Kheng signing the MOA witnessed by (back row, from left) CZBUCG chairman Dato Zarul Ahmad Mohd Zulkifli, Penang chief minister Lim Guan Eng, Penang chinese consul general Wu Jun and CZBUCG executive vice chairman Dato’ Lee Chee Hoe.

Image shows (front row, from left) KAF Investment Bank Bhd CEO Rohaizad Ismail and EZ deputy chairman Dato Ewe Swee Kheng signing the MOA witnessed by (back row, from left) CZBUCG chairman Dato Zarul Ahmad Mohd Zulkifli, Penang chief minister Lim Guan Eng, Penang chinese consul general Wu Jun and CZBUCG executive vice chairman Dato’ Lee Chee Hoe.

KUCHING: Ewein Zenith Sdn Bhd (EZ), a 60 per cent owned subsidiary of Ewein Bhd (Ewein) has entered into a Memorandum of Agreement (MOA) with Consortium Zenith BUCG Sdn Bhd (CZBUCG) to purchase three parcels of land aggregating 50 acres at Bandar Tanjong Pinang.

According to an announcement, EZ and CZBUCG have signed a Memorandum of Understanding (MOU) on August 13 2015 whereby EZ, which is an EPP 10 will develop a development to be known as ‘Wellness City of Dreams’.

Pursuant to the MOU, EZ and CZBUCG now agree to enter into the MOA for CZBUCG to grant to EZ a right to purchase the said Land free from any encumbrances and with vacant possession at RM1,300 per square foot for the said land upon the terms and conditions in the MOA.

EZ and CZBUCG will enter into separate sale and purchase agreement for each Parcel (SPA) and CZBUCG shall be obliged to sign the SPA for each parcel no later than three months from CZBUCG becoming entitled to the Parcel in question as consideration for construction works done for the State Project, provided that it shall not be precluded from signing the SPA earlier and provided further that all SPA for all Parcels shall be executed within 10 years from the date of MOA.

EZ shall be entitled to nominate a nominee to enter the SPA with CZBUCG for any Parcel on its behalf.

In consideration of CZBUCG entering into the MOA to grant to EZ the right to purchase the land free from any encumbrances and with vacant possession, EZ shall pay RM14.157 million as earnest deposit to CZBUCG upon signing the MOA.

CZBUCG agrees with EZ that the Earnest Deposit shall form part of the aggregate purchase price of the land, and EZ may designate the earnest deposit to be deemed as payment towards account of any of the Parcel
Price.

The Earnest Deposit shall be refunded free of interest if the approval described in the MOA is not obtained.

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