Paramount To Acquire 28 Pct Stake In Singapore's Envictus International For RM126.32 Mln

KUALA LUMPUR, July 29 (Bernama) -- Paramount Corporation Bhd, through its wholly owned subsidiary Venice Concepts Sdn Bhd, has proposed to acquire a 28 per cent equity interest in Envictus International Holdings Ltd from JAG Capital Holdings Sdn Bhd for S$38.33 million (RM126.32 million).

Envictus is a limited liability company incorporated and domiciled in Singapore, primarily engaged in investment holding and management services for its subsidiaries, which are mainly involved in food and beverage-related businesses, primarily in Malaysia.

In a filing with Bursa Malaysia today, Paramount said the proposed acquisition comprises 85.17 million shares in Envictus, representing a 28 per cent equity interest, free from all encumbrances and with full rights and entitlements, for the agreed cash consideration.

Upon completion of the proposed acquisition, Venice will hold a strategic 28 per cent stake in Envictus, making Paramount one of its controlling shareholders under the Singapore Exchange’s listing rules.

Paramount said the proposed acquisition is expected to contribute positively to its future financial performance.

In a separate statement, Paramount said this investment marks a key milestone in the group’s strategy to diversify its portfolio and expand into the high-growth sector of F&B.

It said the acquisition would further strengthen Paramount’s footprint in the broader F&B segment.

“Following the divestment of its education businesses in 2018, Paramount has actively explored opportunities to participate in new business interests, both locally and internationally.

“Since then, Paramount has made several notable investments, including ventures into digital start-ups as well as overseas property development through joint ventures with Navarang Charoennakhon Company Ltd in Thailand and EWI Capital Bhd,” it said.

-- BERNAMA