PARKSON

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OTHERS Announcement by Parkson Retail Group Limited - Very Substantial Disposal in relation to the Proposed Disposal of Properties in Qingdao City

PARKSON HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
Announcement by Parkson Retail Group Limited - Very Substantial Disposal in relation to the Proposed Disposal of Properties in Qingdao City
We attach herewith the announcement made to The Stock Exchange of Hong Kong Limited ("The HKEx") on 9 September 2022 by Parkson Retail Group Limited ("PRGL"), a 54.97% owned subsidiary of Parkson Holdings Berhad ("PHB" or the "Company") listed on The HKEx, in respect of a very substantial disposal in relation to the proposed disposal of properties in Qingdao City, the People's Republic of China ("PRC").

On 9 September 2022, PRGL had announced that Qingdao No. 1 Parkson Co., Ltd. ("Vendor"), an indirect 95.91% owned subsidiary of PRGL, and Qingdao Haiming City Development Company Limited ("Purchaser") have on even date entered into a sale and purchase agreement ("SPA"), pursuant to which the Vendor has agreed to sell and the Purchaser has agreed to purchase the properties (together with the car parking lots, refuge floors and other ancillary facilities) consist of Floor No. B5-F8, F9-F12A, F27, F46-F48 located at No. 44-60 Zhongshan Road, Shinnan District, Qingdao City, Shandong Province, the PRC with an aggregate construction area of approximately 76,013 square metres, at the consideration of Rmb280 million (equivalent to approximately RM182 million) ("Disposal").

For the purpose of this announcement, an exchange rate of Rmb1.00: RM0.65 is assumed.

As the highest applicable percentage ratio in respect of the Disposal is more than 75%, the Disposal constitutes a very substantial disposal of PRGL under Chapter 14 of the Rules Governing the Listing of Securities on The HKEx and is subject to reporting, announcement, circular and shareholders' approval requirements. In this regard, an extraordinary general meeting of PRGL will be convened to seek its shareholders' approval on the Disposal. The completion of the Disposal is conditional upon the satisfaction of the conditions precedent as set out in the SPA and as such, the Disposal may or may not proceed.

The Disposal does not have a material impact on the earnings of the PHB Group for the financial year ending 31 December 2022 and the net assets of the PHB Group based on the audited consolidated statement of financial position of the Company as at 31 December 2021.



Please refer attachment below.

Attachments

PRGL-Announcement.pdf
82.3 kB



Announcement Info

Company Name PARKSON HOLDINGS BERHAD
Stock Name PARKSON
Date Announced 09 Sep 2022
Category General Announcement for PLC
Reference Number GA1-08092022-00039