KUALA LUMPUR: Property and education player, Paramount Corporation Bhd entered into an agreement to acquire a 66 per cent stake in REAL Education Group from Character First Sdn Bhd for RM183 million.
The move enables Paramount to access REAL Education's 18,000 students in the latter's kindergarten, primary and secondary (K-12) segments.
Paramount Corporation Bhd group chief executive officer Jeffrey Chew said that the deal was strategic as it allows Paramount to extend its education offerings to now include kindergarten, which the group didn't have a presence in.
The RM183 million deal, to be financed via internally generated fund funds and bank borrowings, will park REAL Education's 30 kindergartens under Paramount's education stable.
Chew said that the REAL Education brand name will be maintained following the deal.
The deal was signed by Chew and REAL Education Group's president Ee Ching Wah here today.
The event was witnessed by Paramount Corporation's chairman Datuk Teo Chiang Quan and REAL Education founder Kee Keok Kuay.