Paramount to dispose of equity interests

KUALA LUMPUR: Paramount Corp Bhd has proposed to dispose of the remaining equity interests in Paramount Education Sdn Bhd (PESB), Sri KDU Klang Sdn Bhd (SKK) and Sri KDU Sdn Bhd (SK) to XCL Education Malaysia Sdn Bhd for RM120mil cash.

In a filing with Bursa Malaysia yesterday, Paramount noted it had entered into a conditional share sale and purchase agreement (SPA) with XCL Education, formerly known as Prestigion Education Sdn Bhd for the proposed disposal.

Paramount said the original cost of investments in PESB, SKK and SK shares was RM57.31mil and the disposal is expected to result in a pro forma net loss on disposal of RM38.96mil.

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