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- The proposed deal involves Paramount’s wholly owned Venice Concepts Sdn Bhd acquiring 85.17 million shares or a 28% stake in Singapore Exchange-listed Envictus International Holdings Ltd from JAG Capital Holdings Sdn Bhd.
KUALA LUMPUR (July 29): Property developer Paramount Corp Bhd (KL:PARAMON) plans to acquire a 28% stake in the operator of Texas Chicken and San Francisco Coffee in Malaysia for S$38.33 million (RM126.32 million) cash, as it looks to expand its footprint in the food and beverage (F&B) sector.
The proposed deal involves Paramount’s wholly owned Venice Concepts Sdn Bhd acquiring 85.17 million shares or a 28% stake in Singapore Exchange-listed Envictus International Holdings Ltd from JAG Capital Holdings Sdn Bhd.
JAG Capital, in which Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani owns a 96% stake, currently holds 29.6% of Envictus. The remaining 4% in JAG Capital is held by Johari's wife, Datin Seri Zurwati Haslinda Zainal Bahry.
Envictus' other substantial shareholders are Datuk Jaya J B Tan with a 28.78% stake, and Tan Boon Seng with 12%.
Besides its Texas Chicken and San Francisco Coffee operations, Envictus operates a trading and frozen food division under Pok Brothers, and a dairies division involving the sale and distribution of the SuJohan brand of creamer.
For the financial year ended Sept 30, 2024 (FY2024), Envictus posted a profit after tax of RM50.55 million, a significant turnaround from the losses after tax it recorded of RM32.85 million in FY2023 and RM6.39 million in FY2022.
Full-year revenue growth has been consistent, rising to RM686.75 million in FY2024, up from RM566.07 million in FY2023 and RM515.58 million in FY2022.
The deal prices the Envictus shares at 45 Singaporean cents per share, or around RM1.483 apiece. This price tag represents a premium to Envictus’ volume-weighted average market price, ranging from 28.4% on a five-day basis and 46.29% on a six-month basis.
Paramount plans to fund the RM126.32 million consideration via borrowings and internally generated funds.
The move serves as an expansion of Paramount’s footprint in the F&B space. The group already owns two restaurants in Kuala Lumpur: Dewakan, which boasts two Michelin stars and a Michelin Green Star, and the newly established Bidou.
Paramount said the move is part of its strategy to future-proof its business by investing in alternative businesses with the potential to become the group’s new core businesses.
“The acquisition of a significant stake in Envictus marks a timely and strategic step forward for Paramount’s continuous growth,” said Paramount group chief executive officer Jeffrey Chew Sun Teong. “We see potential in the evergreen F&B sector, and this acquisition will diversify our earnings base.”
This is Paramount's second major acquisition since 2024. In May 2024, the property developer acquired a 21.54% stake in Eco World International Bhd—now known as EWI Capital Bhd (KL:EWICAP)—for RM170.61 million, aiming to accelerate its overseas expansion.
EWI later announced a strategic pivot in April 2025 to also focus on the Malaysian property market, citing challenges in its overseas operations. Despite this shift, Paramount's Chew stated in June 2025 that the group would remain invested in EWI, as its exposure to international markets and potential synergies still aligned with Paramount's long-term objectives.
On its latest acquisition, Paramount said it intends to seek to nominate representative(s) to Envictus’ board to safeguard its interest in the company.
The proposed acquisition is not subject to shareholders’ approval and is expected to be completed by Aug 7. RHB Investment Bank is Paramount’s principal adviser for the exercise.
Shares in Paramount ended two sen or 1.85% higher at RM1.10 on Tuesday, valuing the property developer at RM685.05 million.
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