Paramount Corporation Berhad (KLSE:PARAMON) entered into agreement to acquire 66% stake in REAL Education Group Sdn Bhd from Sim Quan Seng, Aziz Bahaman, Ee Ching Wah and Kee Keok Kay for approximately MYR 180 million for cash on January 11, 2017. Post transaction Sim Quan Seng, Aziz Bahaman, Ee Ching Wah and Kee Keok Kay will retain the remaining 34% stake in REAL Education Group Sdn Bhd. As per the terms of the agreement the purchase consideration will be funded through a combination of internally generated funds of MYR 146.4 million and bank borrowings of MYR 36.6 million. There are no contingent liabilities and guarantees to be assumed by Paramount Corporation Berhad arising from the proposed acquisition. The transaction is subject to approval of Ministry of Education, Board of Directors and Board of Governors of REAL Education Group Sdn Bhd and Cambridge English For Life Sdn Bhd, REAL Education Group Sdn Bhd executing an agreement for its acquisition from R.E.A.L SSS Property Sdn Bhd, on terms acceptable to Paramount Corporation Berhad of the land held under Lot 217, Batu 13, Jalan Hulu Langat, 43100 Hulu Langat, Selangor, and from R.E.A.L SSS Land Sdn Bhd of the land held under Lot No. 667, Batu 13, Jalan Hulu Langat, Mukim Hulu Langat, Selangor. The proposed acquisition is not subject to the approval of the shareholders of Paramount Corporation Berhad. The transaction is approved by Board of Directors of Paramount Corporation Berhad. The transaction is expected to complete by second quarter of 2017. Credit Suisse Securities (Malaysia) Sdn. Bhd. acted as financial advisor for Paramount Corporation Berhad in the transaction. Andre Gan, Adrian Chai, Siew Yen Tai and Calvin Koay of Messrs Wong & Partners acted as legal advisors for Paramount Corporation Berhad.