PARKSON

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OTHERS Announcement by Parkson Retail Asia Limited - Update on Legal Proceedings involving PT Tozy Sentosa

PARKSON HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
Announcement by Parkson Retail Asia Limited - Update on Legal Proceedings involving PT Tozy Sentosa
We refer to the Company's announcements dated 2 February 2021 and 26 March 2021 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 legal proceedings involving PT Tozy Sentosa ("PT Tozy") ("Announcements").

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

On 31 March 2021, PRA had announced that it was informed by PT Tozy that the judgement hearing for the PKPU Application was heard on 31 March 2021 and the Commercial Court has granted PT Tozy, temporary PKPU status until 17 May 2021 (inclusive) ("PRA Announcement"). A copy of the PRA Announcement is attached herewith.

The Commercial Court had appointed 2 administrators ("PKPU Administrators") who are responsible to oversee the debt restructuring arrangements between PT Tozy and all of its creditors, and PT Tozy's proposed composition plan for the settlement of outstanding debts owing to these creditors. While PT Tozy is under PKPU status, the PKPU Administrators have oversight and supervisory control over matters relating to the payment by PT Tozy of its debts owing to its creditors, as well as any actions which relate to a transfer in the form of sale and purchase of PT Tozy's assets. PT Tozy's existing management will continue to manage PT Tozy and its existing store operations.

Although most of the Claim Amount had been recognised in the financial statements of PT Tozy, PRA is unable to ascertain if there could be any additional financial impact of PKPU status at this juncture, as it will depend on, among others, the total claim amount to be submitted by the creditors, the content of the proposed composition plan which will need to be proposed by PT Tozy and the outcome of the creditors' vote on the composition plan. PRA will provide an update when it is in a better position to determine the expected financial impact on the PRA Group, after further consultation with the Indonesian legal counsel and PRA's external auditor.

PRA will make further announcements as and when there are any material developments.



Please refer attachment below.

Attachments

PRA-Announcement.pdf
53.3 kB



Announcement Info

Company Name PARKSON HOLDINGS BERHAD
Stock Name PARKSON
Date Announced 31 Mar 2021
Category General Announcement for PLC
Reference Number GA1-31032021-00121