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Thursday, July 16, 2015

Parkson plans group revamp

KUALA LUMPUR: Parkson Holdings Bhd has proposed an internal group reorganisation that would see its Singapore-listed subsidiary Parkson Retail Asia Ltd (PRA) being parked under Hong Kong-listed Parkson Retail Group Ltd (PRG).
Parkson Holdings told Bursa Malaysia that its unit East Crest International Ltd, which owns 67.6% on PRA and 52.7% in PRG, would sell its entire stake in PRA to PRG’s wholly-owned subsidiary Oroleon (Hong Kong) Ltd for S$228.51mil (RM637.65mil).
The PRA group has a network of 67 stores (including one supermarket) in Malaysia, Vietnam, Indonesia and Myanmar, while PRG operates about 50 stores in China.
Parkson Holdings said the proposal was intended to consolidate the retail business of PRA, which has a presence in South-East Asia, with that of PRG, which operates a similar business in China.
In addition, the proposal will enable Parkson Holdings to raise cash proceeds of SG$228.51mil.
It plans to utilise the cash proceeds for business expansion, new investment opportunities and/or working capital within two years.

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