KUALA LUMPUR (May 24): Property developer Paramount Corp Bhd has announced the demise of its chairman cum executive director Datuk Teo Chiang Quan, at age 72.

In a statement, the company said Teo passed away this evening due to complications from an unexpected illness.

"Over and above being an astute businessman and property developer, Datuk Teo may best be described as a nation-builder," said the company.

Teo began his career in what was known as Malaysian Rice Mills in 1976, which, in 1980, was renamed as Paramount. Through his leadership and determination to succeed, he helped shape Paramount into the company it is today.

He became chairman of the board of Paramount on June 8, 2015 and provided leadership and guidance to its management in the formulation of the group's long-term strategic plans, particularly in the areas of land banking and communication with stakeholders.

As one of the pioneers in private tertiary education in Malaysia, Teo made tertiary education affordable for Malaysians.

Under his leadership, the company set up Sri KDU schools and later through the acquisition of REAL Education Group, built the largest K-12 education group in Malaysia, said Paramount.

On July 19, 2005, he was awarded the "Datukship" for his contribution to the progress and well-being of the Malaysian society. In 2019, he was awarded the accolade of FIABCI Property Man of the Year.

Group chief executive officer (CEO) Jeffrey Chew said Teo had been the cornerstone of the company, setting the vision and mission and epitomising the core values of TRIBE (Trust, Respect, Integrity, Bravery and Energy), which the group holds dear to this day.

Teo's life was also the inspiration for Paramount's vision of "Changing lives and enriching communities for a better world", he said.

"Datuk Teo was a warm person who could strike up a conversation with anyone at any level. He had a great sense of responsibility and was generous with his employees. A man of strong principles, the Paramount family will always remember him for his work ethics and integrity as well as his relentless insistence on quality in everything we do," Chew added.

Teo's son Benjamin Teo Jong Hian has been on the board of the company since August 2019.

The 32-year-old Jong Hian, who started at Paramount as a management trainee in 2012, rose through the ranks to helm Paramount Property Development Sdn Bhd as CEO in 2018, according to the group's 2020 annual report.

Paramount shares closed unchanged at 80 sen, for a market capitalisation of RM495 million. The counter saw 407,900 shares traded.