PARKSON

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OTHERS Announcement by Parkson Retail Asia Limited - Update on Legal Proceedings involving Parkson (Cambodia) Co., Ltd

PARKSON HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
Announcement by Parkson Retail Asia Limited - Update on Legal Proceedings involving Parkson (Cambodia) Co., Ltd
Reference is made to the announcements made by Parkson Holdings Berhad on 15 November 2018, 29 October 2019 and 27 April 2020 in relation to the announcements made to the Singapore Exchange Securities Trading Limited ("SGX-ST") by Parkson Retail Asia Limited ("PRA"), a 67.96% owned subsidiary of the Company listed on the SGX-ST, in respect of the issuance of Notice of Arbitration to Hassan (Cambodia) Development Co., Ltd. and the update on the litigation in relation thereto ("Announcements"). 

Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Announcements.

PRA had on 21 May 2020, announced that Parkson (Cambodia) Co., Ltd ("PCCO")'s Cambodian lawyers had on 19 May 2020, received summons from the Phnom Penh Municipal Court of First Instance ("PPMCFI") requiring PCCO to attend a pre-trial for Case No. 2577 on 26 May 2020 ("PRA Announcement"). PCCO's Cambodian lawyers advised that in PPMCFI issuing summons for PCCO to attend the pre-trial for Case No. 2577, PPMCFI has agreed to hear PCCO's petition to set aside the Default Judgement. After the pre-trial and subsequent hearing (date of which has yet to be fixed) for Case No. 2577, PPMCFI will decide whether to (i) uphold the Default Judgement (as defined in the PRA Announcement) or (ii) dismiss the Default Judgement (either partly or wholly). 

A copy of the PRA Announcement is attached herewith.

PRA will continue to consult with and take advice from the Cambodian lawyers for the next course of action and make appropriate announcements in due course when there are material developments.



Please refer attachment below.

Attachments

PRA-Announcement.pdf
44.2 kB



Announcement Info

Company Name PARKSON HOLDINGS BERHAD
Stock Name PARKSON
Date Announced 21 May 2020
Category General Announcement for PLC
Reference Number GA1-20052020-00103