PETALING JAYA: Ewein Bhd is acquiring 500,000 ordinary shares or the entire equity interest of VS Solution Services Sdn Bhd (VSS) for RM32mil.
In a filing with Bursa Malaysia, Ewein said a share sale agreement with Ooi Eng Leong, Goh Kiang Teng, Goh Yin Ze and Chew Tien Kee for the proposed acquisition.
Ewein highlighted that it is involved in manufacturing, property development and property management. Meanwhile, VSS is mainly involved in manufacturing of racking systems, machinery and related components as well as the trading of machinery.
“Upon completion of the proposed acquisition, the group will have immediate access to VSS’s rackform business and client base. This will provide the group with an additional source of revenue and earnings stream for its manufacturing business.
“Further, the enlarged Ewein Group is expected to achieve synergies and economies of scale by the sharing of commonalities as the group and VSS both serves the electrical and electronics industry, utilise similar raw materials and have access to an enlarged clientele.”