In a filing with the stock exchange, Ewein said the related parties have agreed that Consortium Zenith shall procure the Penang government to alienate the land to Ewein Zenith II to be the registered owners in order to undertake the proposed development.
The 4.34 acres is Plot 1 of a 50-acre tract along Gurney Drive to be alienated to Ewein Zenith Sdn Bhd by the Penang state government under the agreement signed on Jan 14, 2016, as partial consideration for construction and land acquisition works awarded to Consortium Zenith.
"CZC and EZII (collectively referred to as “Parties”) are now entering into the Agreement to set out the terms and conditions of the joint venture between CZC and EZII as EZ’s designated nominee to develop the said Land as a form of monetization mechanism for the financing of the Project," said the filing.
Ewein Zenith II is a wholly owned Subsidiary of Ewein Zenith Sdn Bhd, which is a 89%-owned subsidiary of Ewein Land Sdn Bhd, in turn a wholly owned unit of Ewein.
To recap, Consortium Zenith was has been awarded the contracts for the design and construction of a paired road to the existing north coastal road from Tanjung Bungah to Teluk Bahang, a by-pass from Bandar Baru Ayer Itam (Farlim) connecting to Lebuhraya Tun Dr Lim Chong Eu, a by-pass to connect the northern fringes of George Town (Persiaran Gurney) to the eastern corridor of the island (Lebuhraya Tun Dr Lim Chong Eu) circumventing the central business district of George Town and a third link (tunnel) from Persiaran Gurney to Bagan Ajam, Seberang Perai North District.