Paramount pays RM125m for industrial land

KUALA LUMPUR (Mar 13): Paramount Corp Bhd has acquired a 30-acre (12ha) freehold industrial tract in Selangor for RM125 million to develop semi-detached factories.

In a statement on Monday, Paramount said the acquisition was in line with its strategy to replenish landbank and generate a sustainable and viable income for the long term. The company intends to replicate its first industrial development Surian Industrial Park, which was sold after a year.

The total costs or expected returns from the development have yet to be ascertained as the design and conceptual planning are being determined. The proposed development is expected to start in 2013 spanning over seven years.

The acquisition will be funded by a mix of internal funds and borrowings. Paramount had RM206.2 million in cash and RM136 million in borrowings as at Dec 31, 2011.

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