THE son of the late Datuk Teo Chiang Quan, the former chairman of Paramount Corp Bhd, has become a substantial shareholder of the company with effect from today.
In a statement today, the property developer said Teo Jong Hian (picture) has a total interest of 28.9% in the company pursuant to a transmission of shares, which are registered in the name of Paramount Equities Sdn Bhd, Bunga Indah (M) Sdn Bhd and Rockwills Trustee Bhd Teo Chiang Quan.
Jong Hian’s father, the late Chiang Quan, was Paramount’s chairman and ED when he passed away on May 24, 2021.
Jong Hian, 33, is currently the deputy group CEO and ED of Paramount. He was appointed to the Paramount board on Aug 22, 2019, and became its deputy group CEO on Sept 1, 2021.
He started his career at Paramount as a management trainee in 2012 and rose through the ranks to become the CEO of Paramount Property Development Sdn Bhd in 2018.
He had led the development of Co-labs Coworking, a network of coworking spaces. From 2021, he also had the overall responsibility of formulating and implementing strategic and operational plans for Paramount Property Development and navigating it to the next stage of growth. — TMR