PENANG'S Ewein Bhd rallied on Bursa Malaysia yesterday, hitting an intraday record of RM1.17 a share.
The stock ended the day at RM1.15, also a record close, with some 3.04 million units traded on the open market yesterday.
Cash-rich Ewein, which has a 100 per cent profit record since being listed in 2008, has a capital spread of 105.5 million shares valued at RM1 a share.
The company, which has RM38 million in cash, also has a track record for being consistent in rewarding shareholders, having given out four cash dividends and a bonus option over a three-year span.
Ewein's major shareholder, Datuk Ewe Swee Kheng, owns an indi-rect 42.91 per cent of the company, while the privately held Med Bumikar Sdn Bhd owns some 31.55 per cent.
It is estimated that the number of shares held by the public is only about 26.8 million shares.
Interest in Ewein started in July, when it was identified as the potential winner of a RM1.3 billion contract, which is part of the larger RM6.3 billion Penang Road and Undersea Tunnel Project.
Ewein has been closely linked to the RM6.3 billion Penang Road and Undersea Tunnel Project following the appointment of Datuk Zarul Ahmad Zulkifli as a director of Ewein's wholly-owned unit, Ewein Land Sdn Bhd, in July.
Yesterday, after the close of Bursa trading, Ewein made an announcement to the stock exchange which is expected to up the intrigue among investors.
The company had pushed Zarul up the corporate ladder, naming him chairman of Ewein Land.
The announcement came five days after Zarul's Consortium Zenith BUCG Sdn Bhd was officially awarded the Penang Road and Undersea Tunnel Project by the state government.