We attach herewith the announcement made on 27 July 2020 to the Singapore Exchange Securities Trading Limited ("SGX-ST") by Parkson Retail Asia Limited ("PRA"), a 67.96% owned subsidiary of Parkson Holdings Berhad ("PHB" or the "Company") listed on the SGX-ST, in relation to the proposed disposal by Parkson Haiphong Co. Ltd., a wholly-owned subsidiary of Parkson Corporation Sdn Bhd which is in turn a wholly-owned subsidiary of PRA, of the whole retail podium of Parkson TD Plaza Shopping Center, a mixed commercial and residential development in Hai Phong City, Vietnam to Thuy Duong Construction & Trading Joint Stock Company at the Vietnamese Dong equivalent of US$10 million (equivalent to approximately RM42.5 million) ("Proposed Disposal").

The Proposed Disposal is a "major transaction" as defined under Chapter 10 of the Listing Manual of the SGX-ST. Accordingly, the Proposed Disposal is conditional upon the approval of shareholders of PRA, to be obtained at an extraordinary general meeting of PRA to be convened.

The Proposed Disposal does not have a material impact on the earnings of the PHB Group for the financial year ending 30 June 2021, and the net assets and the gearing of the PHB Group based on the audited consolidated statement of financial position of the Company as at 30 June 2019.