Paramount Corp, University of Wollongong signs partnership

KUALA LUMPUR: Paramount Corporation Bhd has entered into a strategic partnership with Australian public university, University of Wollongong (UOW) to enhance its tertiary education business.

Paramount Chief Executive Officer Jeffrey Chew said the partnership was worth RM38.5 million and involved UOW’s wholly-owned subsidiary, UOW Global Enterprises, taking up a 65 per cent stake in the business and operations of KDU University College and KDU Penang University College, as well as a 70 per cent stake in KDU College.

“The strategic partnership is a catalyst to elevate KDU quickly in an increasingly competitive market. It will help differentiate KDU from other higher education institutions in the market.

“UOW brings higher education expertise from Australia, Hong Kong and Dubai, while Paramount’s experience and presence in Malaysia, combined with our strong management skills and brand credibility, will contribute and benefit business growth,” he said after signing the partnership here today.

Chew said UOW Global had set up a Malaysian company, UOW Sdn Bhd, to carry out the transaction.

Through an asset securitisation proposal announced on Oct 25, he said KDU University and KDU Penang University would dispose of their university campus properties worth RM420 million prior the entry of UOW and subsequently lease back these properties later.

“We are still drafting the agreement on the leasing terms with UOW and we expect to finalise this soon,” he said.

Chew said UOW’s network of campuses was expected to provide KDU students and staff with more growth opportunities.

“The entry of UOW in this strong manner would also mean access to research findings, a network of business mentors, industry leaders and industry innovation by Malaysian small and medium enterprises, both in the central region and also in the northern region where KDU will be opening its Batu Kawan campus (in Penang) soon.

“We also expect the entrance of UOW to strengthen Penang as an edu-tourism destination because as at 2017, less than one per cent of the 105,000 foreign students in private higher education institutions in Malaysia are located in Penang,” he added. - Bernama