Euro - Writing A New Chapter
KEURO (3565) KUMPULAN EUROPLUS BHD
While waiting for the next event to unfold in the coming up Feds meeting, Euro had started to unfold with more solid news lining up in the corporate ladder.
As of the latest announcement, Euro had went through a corporate reshuffling in top management level, marking it's first major move to reshuffle the company directions into focusing on properties development from it's current business operation that had been dealing with corporate furniture and fittings.
Major
changes that had taken place will be the appointment of Dato Sri Choong
Yuen Keong@Tong Yuen Keong as the Managing Director of Euro Holdings
Berhad. As a businessman by profession and owns several businesses
involving in property development management and aluminium recycling,
Dato Choong had a 30 years of extensive working experiences in the
construction and the property development industry, which includes 11
years in construction site management and 19 years in the management of
property development. He was involved in a few housing and commercial
development projects including Taman Maju Jaya, Wisma Cheong Hin, Pusat
Perdagangan Tasik Perdana and the most recent being Beverly Heights
which is located at Ulu Kelang, Gombak.The appointment of Dato Choong as the Managing Director in Euro will earmark the new beginning of Euro Holdings Berhad in their property venture.
Dato Tong Yun Mong (brother of Dato Sri Choong Yuen Keong) had also been appointed as an executive director in Euro. Dato Tong Yun Mong had more than 20 years of experience in property development and building construction, ranging from civil engineering works, earthworks and transportation for ready mixed concrete plant. He is the founder and director of Beverly Heights Group.
The
board level reshuffling includes Mr Teh Hock Toh (pic) being appointed
as the CEO for the manufacturing division which will continue on the
manufacturing and marketing of office furniture and equipment with the
Ms Foong Yein Teng as the CFO.New comer appointed to the board will be Kevin Sathiaseelan A/L Ramakrishnan being a non-executive director, being a member of the audit committee.
Amongst those relegated from their executive position will be Lew Fatt Sin and his wife Law Sim Shee, Ng Wai Pin, Pua Kah Ho, and Lew Hin.
Let's have a quick look in the technical chart.
Coming Up
A series of corporate exercise will be certain to take place as it will be anticipated that Beverly Heights Properties Sdn Bhd will be injected into Euro to form a new division - Property Division. However, the injection will definitely comes with a price that is to be paid from Euro to Beverly Heights Properties Sdn Bhd, suggesting a capital restructure then private placement, or a right issue with free warrants. Euro will definitely need to go through a series of corporate exercise in order to inject Beverly Heights Properties Sdn Bhd which is carrying 30 acres of freehold land in the northeast of Penang Island, carrying a potential value of RM 1billion, and a GDV of more than RM 10billion in bag.
With the solid performance of Euro's share price recently, I would like to reaffirm on the potential of Euro in the coming days which will be coming in a stronger note.
Meanwhile, congratulation to the newly appointed management team in Euro as we believe they will drive the company into greater heights.
Bone's short term TP : RM 0.88 (Maintained)
Cheers and have a nice day.
Regards,
Bone
http://bonescythe.blogspot.com
