PARAMOUNT UNIT ACQUIRES 21.54 PCT STAKE IN ECO WORLD INTERNATIONAL FOR RM170.61 MLN

KUALA LUMPUR, May 10 (Bernama) -- Paramount Corporation Bhd’s wholly-owned subsidiary, Flexsis Sdn Bhd, has acquired a 21.54 per cent equity stake in Eco World International Bhd for RM170.61 million, purchasing 517 million shares for 33 sen each via a direct business transaction.

In a filing with Bursa Malaysia today, Paramount said the acquisition presents a timely and strategic opportunity for the group to accelerate its overseas expansion and diversification plan.

“It enables Paramount to have control over a sizeable stake of 21.54 per cent in a well-established international property development company which is governed within the Malaysian legal and regulatory landscape familiar to Paramount,” the real estate developer said.

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Meanwhile, in a separate statement, Paramount group chief executive officer Jeffrey Chew said since the company divested its education businesses in 2018, the group has been on the look-out for opportunities to participate in new business interests to diversify our earnings base, both locally and outside of Malaysia, all of which were incorporated in the strategic plan of 2020 to 2025.

“We have since then invested in various start-ups in the digital space and expanded into Bangkok property development via a joint venture,” he said.

Eco World International has development projects in London, Sydney and Melbourne through joint ventures and subsidiaries, with a remaining gross development value of RM8.6 billion as at Feb 29, 2024.

-- BERNAMA