Koon Hoi Chun made an offer to acquire remaining 39.6% stake in Paragon Union Berhad (KLSE:PARAGON) for MYR 14.4 million on January 22, 2021. Under the terms, the shares will be acquired at a price of MYR 0.55 per share. In a related transaction Koon Hoi Chun entered into agreements to acquire 61% stake in Paragon Union through direct business transactions. The Offer is not conditional upon any minimum level of acceptances. The offer is subject to regulatory approval. As of February 25, 2021, The Board of Paragon Union Berhad recommend the holders to reject the offer. The Offer will remain open for acceptances period of at least 21 days from the Posting Date. As of February 25, 2021, the transaction is expected to close on March 8, 2021. Malacca Securities Sdn Bhd acted as independent advisor to the holders of offer shares.