Ewein to buy rackform firm for RM32mil

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 it had entered 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 the manufacturing of racking systems, machinery and related components and 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,” it said.