KDU University College's flagship campus within the Paramount Utropolis integrated development
KUALA LUMPUR: Paramount Corp Bhd has asked for the suspension of trading of its securities on Bursa Malaysia's Main Market on Wednesday pending a material announcement.
The property developer and education provider said Bursa Malaysia Securities had approved its request for suspension on the day from 9.00am to 5.00pm.
The most recent announcement by Paramount Corp prior to this was on the setting up of a new subsidiary, Paramount Coworking Sdn Bhd (PCW), last month to provide co-working spaces and incubator-related services.
It has been reported that Paramount was exploring the option of selling its education assets to a real estate investment trust (REIT) or setting up a REIT through an initial public offering.
For the first nine months of the financial year ended Dec 31, 2016, Paramount’s education division contributed about a third of the group’s profit before tax. That higher percentage contribution was partly due to the revenue and profit from the property division -- traditionally the main profit driver -- slipping 12% and 14% respectively.
Earnings for the nine-month period fell 15% to RM44.76mil.
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