PARAMON

1.180

(%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS PROPOSED DISPOSAL OF CONTROLLING EQUITY INTERESTS IN PARAMOUNT EDUCATION SDN BHD, PARAMOUNT EDUCATION (KLANG) SDN BHD AND SRI KDU SDN BHD, BEING WHOLLY-OWNED SUBSIDIARIES OF PARAMOUNT CORPORATION BERHAD, TO PRESTIGION EDUCATION SDN BHD (FORMERLY KNOWN AS TWO HORSES CAPITAL SDN BHD) FOR AN INDICATIVE TOTAL CASH CONSIDERATION OF RM540,500,000, SUBJECT TO ADJUSTMENT ("PROPOSED DISPOSAL")

PARAMOUNT CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
PROPOSED DISPOSAL OF CONTROLLING EQUITY INTERESTS IN PARAMOUNT EDUCATION SDN BHD, PARAMOUNT EDUCATION (KLANG) SDN BHD AND SRI KDU SDN BHD, BEING WHOLLY-OWNED SUBSIDIARIES OF PARAMOUNT CORPORATION BERHAD, TO PRESTIGION EDUCATION SDN BHD (FORMERLY KNOWN AS TWO HORSES CAPITAL SDN BHD) FOR AN INDICATIVE TOTAL CASH CONSIDERATION OF RM540,500,000, SUBJECT TO ADJUSTMENT ("PROPOSED DISPOSAL")

We refer to the Company’s announcements dated 20 June 2019, 13 September 2019 and 26 December 2019 in relation to the Proposed Disposal (“Announcements”). Unless otherwise defined, the abbreviations and definitions used in the Announcements shall apply herein.

On behalf of the Board of Directors of Paramount, RHBIB is pleased to announce that the last condition precedent to the SPA, i.e. the approval from the Ministry of Education in respect of the Proposed Disposal has been obtained.

In view of the above, the parties to the SPA have confirmed that the SPA has become unconditional on even date.

 

This announcement is dated 28 January 2020.






Announcement Info

Company Name PARAMOUNT CORPORATION BERHAD
Stock Name PARAMON
Date Announced 28 Jan 2020
Category General Announcement for PLC
Reference Number GA1-24012020-00025