Paramount Corp has a 20% stake in Jerneh that is now the subject of a takeover. The price rise of Jerneh is a booster for Paramount Corp. The stock has breached its overhead resistance. It is now set to move higher.
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With the announcement of a big payout in the form of interim + special dividend due to be out this month, the shares continued to appreciate and have even reached its highest ever at RM4.05. Inside sources reported that the takeover deal has been finalised and is now pending approval from Bank Negara. Rumour has it that its Chairman, Dato' Teo Chiang Quan is considering a corporate exercise to rewards its shareholders.
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