KUALA LUMPUR: Paramount Corporation Bhd’s wholly-owned units plan to dispose three KDU campuses worth RM420 million to Dynamic Gates Sdn Bhd.
In a filing with Bursa Malaysia today, Paramount announced that KDU University College (PG) Sdn Bhd and KDU University College Sdn Bhd (KDUUC) have entered into conditional sale and purchase agreements with Dynamic Gates.
“The sale and purchase of KDU Penang University College Campus premises (Jalan Anson Campus Properties) for RM50 million will be satisfied via the combination of RM35 million in cash and issuance of 15 million new cumulative redeemable non-convertible preference shares (CRNCPS) in DGSB at an issue price of RM1 per CRNCPS,” the company said.
The second disposal was related to KDU Penang University College Campus premises (Batu Kawan Campus Properties) for RM120 million to be satisfied via the combination of RM84 million in cash and the issuance of 36 million new CRNCPS in DGSB at RM1 per CRNCPS .
Lastly, the disposal of the Utropolis Glenmarie Campus for RM250 million would to be satisfied via the combination of RM175 million in cash and the issuance of 75 million new CRNCPS in DGSB at RM1.00 per CRNCPS.