Paramount to buy 30% in P2P financing platform

TheStar Fri, Apr 16, 2021 09:10am - 2 years View Original


In a statement, Paramount, which has interest in the education business, said its wholly owned subsidiary Magna Intelligent Sdn Bhd (MISB) has signed a conditional share subscription agreement with P2P Venture Sdn Bhd and Omegaxis Sdn Bhd for a 30% equity interest in Omegaxis

PETALING JAYA: Paramount Corp Bhd has proposed to acquire a 30% stake in a peer-to-peer (P2P) financing platform at a total cash consideration of RM13.7mil, marking its foray into the fintech sector.

In a statement, the property developer, which has interest in the education business, said its wholly owned subsidiary Magna Intelligent Sdn Bhd (MISB) has signed a conditional share subscription agreement with P2P Venture Sdn Bhd and Omegaxis Sdn Bhd for a 30% equity interest in Omegaxis.

Omegaxis is a special-purpose vehicle set up to facilitate Paramount’s proposed investment in P2P financing platforms in collaboration with P2P Venture with a 30:70 ownership structure.

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