Unveiling a New Era: Paramount’s Strategic Acquisition of Eco World International
As the real estate landscape in Malaysia continues to evolve, a groundbreaking move by Paramount Corp Bhd has captured the attention of industry insiders and property enthusiasts alike. In a strategic move that promises to reshape the dynamics of the market, Paramount has acquired a substantial 21.54% stake in Eco World International Bhd (EWI), cementing its position as a major shareholder and paving the way for an exciting new chapter in the company’s growth trajectory.
Through its wholly-owned subsidiary, Flexsis Sdn Bhd, Paramount has acquired 517 million shares in EWI for a staggering RM170.61 million in cash. This acquisition not only solidifies Paramount’s commitment to diversifying its earnings base but also marks a pivotal step in its ambitious expansion plans beyond the borders of Malaysia.
Seizing Opportunities and Diversifying Horizons
Paramount Group CEO Jeffrey Chew expressed his enthusiasm for the acquisition, stating, “Since the divestment of our education businesses in 2018, Paramount has been actively seeking opportunities to participate in new business interests for diversification of its earnings base, both locally and outside of Malaysia, all of which are within our 2020-2025 strategic plan.”
Chew further elaborated, “We have since then invested in various start-ups in the digital space and expanded into Bangkok property development via a joint venture. This acquisition presents a timely and strategic opportunity for Paramount to accelerate our expansion plan beyond Malaysia, in fact, beyond Asia. It enables Paramount to have a sizeable stake in a well-established Malaysian listed company that specialises in property development overseas.”
Tapping into Eco World International’s Global Footprint
Eco World International Bhd, a renowned player in the property development arena, boasts an impressive portfolio of projects spanning across London, Sydney, and Melbourne through joint ventures and subsidiaries. As of February 29, 2024, the company’s remaining gross development value stands at a remarkable RM8.6 billion, showcasing its strong market presence and growth potential.
A Synergistic Partnership for Sustainable Growth
This strategic acquisition not only strengthens Paramount’s position in the Malaysian real estate market but also opens up a world of opportunities for the company to leverage Eco World International’s global expertise and established footprint. By combining their respective strengths and resources, both companies can embark on a journey of sustainable growth, exploring new markets, and delivering innovative and high-quality property developments that cater to the evolving needs of discerning buyers.
As the real estate industry continues to evolve, this bold move by Paramount Corp Bhd sets the stage for an exciting future, where synergies are forged, and new horizons are explored. With a shared vision for excellence and a commitment to delivering exceptional value, this partnership promises to redefine the real estate landscape in Malaysia and beyond.
