The Board of Directors of Paramount Corporation Berhad (Paramount) wishes to announce that Paramount has on 1 November 2021 entered into a Share Sale and Purchase Agreement (SSPA) with Lasseters Properties Sdn Bhd (LPSB) and Lasseters Management (M) Sdn Bhd (LMSB) to acquire the remaining 29% collective shareholdings of LPSB and LMSB in Super Ace Resources Sdn Bhd (SAR), represented by 550,000 ordinary shares and 6,941,000 redeemable non-cumulative non-convertible preference shares, at a total cash consideration of RM4,854,180.00 thereby resulting in SAR becoming a wholly-owned subsidiary of Paramount and termination of all joint-venture agreements entered into between Paramount, LPSB and LMSB upon completion of the SSPA, expected within the fourth quarter of 2021.

Please refer to the attachment for further details. 

This announcement is dated 1 November 2021.