PARAMOUNT PROPOSES TWO-FOR-FIVE BONUS ISSUE

PETALING JAYA: Paramount Corp Bhd proposes a bonus issue of 171.3 million new shares on the basis of two bonus shares for every five existing shares held. It also proposes an issuance of 171.3 million free warrants on the basis of two warrants for every five existing shares held. The group said the proposed issuances are intended to reward its shareholders and allow them to have greater participation in the equity of Paramount in terms of numbers of shares while retaining their percentage of equity interest held. The gross proceeds expected to be raised upon full exercise of the warrants based on the indicative exercise price of RM1.62 per warrant is approximately RM277.52 million.