Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on February 24, 2020

Paramount Corp Bhd (+ve)
TRADING of shares in Paramount Corp Bhd (fundamental: 0.8/3, valuation: 3/3) triggered our momentum algorithm last Friday for the first time this year.

The counter closed two sen or 1.5% higher at RM1.35, with some 2.6 million shares done, about six times higher than its 200-day average volume of 454,979 shares.

Last Thursday, the property developer said it wanted to expedite the distribution of RM177 million allocated as a special dividend to its investors, following the completion of the sale of its controlling equity interest in its pre-tertiary education business to Prestigion Education Sdn Bhd.

Going forward, Paramount said it will intensify its efforts and resources into growing its core business of property development, which contributes 75% of the group’s revenue.

It added that it will embark on its first property development project outside Malaysia in the first quarter of this year.

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