KUALA LUMPUR (May 22): Ewein Bhd said today that it is unaware of any potential takeover offer for the Penang-based metalsheet maker.
It was responding to a news report, quoting sources, that Ewein could be the target of a reverse takeover, with the takeover price likely to be between 90 sen and RM1.20.
"The board of directors of Ewein wishes to inform that they have no knowledge of the reported statement and the article, nor has received any takeover notice and as reported by the article," it said in a filing with Bursa Malaysia today.
Ewein's shares have risen 114.89% from 47 sen on March 19, 2015, to close at RM1.01 today, giving it a market capitalisation of RM213 million. Year-to-date, the stock has appreciated 55 sen or 119.57%.
(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.)