The Board of Directors (the Board) of Paramount Corporation Berhad (Paramount or the Company) wishes to announce that Paramount Property (Cityview) Sdn Bhd (PPCV), a wholly-owned subsidiary of the Company has, on this 16 July 2020, entered into the following agreements:

i)        a sale and purchase agreement with Seniharta Sdn Bhd (Registration No. 198801001146 (168503-W)) (Seniharta) for the proposed acquisition of all that piece of freehold land measuring approximately 3,849 square metres in total area held under title Geran 79725, Lot 262, Seksyen 89A, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur together with a building erected thereon (Lot 262) from Seniharta at a total cash consideration of RM82,200,000.00 (Seniharta SPA) and upon such terms and conditions as contained in the Seniharta SPA; and

ii)       a sale and purchase agreement with DNP Jaya Sdn Bhd (Registration No. 199301030256 (284995-K)) (DNPJ) for the proposed acquisition of Kondominium 8 Ampang Hilir which consists of 132 units of low-rise condominiums held under individual strata titles and situated on all that piece of freehold land measuring approximately 14,535 square metres in total area that was formerly held under master title Geran 79737, Lot 263, Seksyen 89A, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur (Lot 263) from DNPJ at a total cash consideration of RM161,600,000.00 (DNPJ SPA) and upon such terms and conditions as contained in the DNPJ SPA.

(collectively referred to as the Proposed Acquisition).

Please refer to the attachment for further details. 

This announcement is dated 16 July 2020.