Reference is made to the announcement made by the Company on 26 December 2019 in relation to the announcement 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 legal proceedings involving Parkson Corporation Sdn Bhd ("PCSB"), a wholly-owned subsidiary of PRA, and PKNS-Andaman Development Sdn Bhd ("Announcement").
Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Announcement.
PRA had on 22 May 2020, announced that PCSB had on 22 May 2020, filed a court application to strike out the Suit on the grounds that the Suit (i) discloses no reasonable cause of action; (ii) is scandalous, frivolous and vexatious; and/or (iii) is an abuse of process of the court ("PRA Announcement"). The application is pending hearing by the High Court.
A copy of the PRA Announcement is attached herewith.
PRA will make appropriate announcement in due course if there are any material developments.