Parkson unit gets RM2b loan for refinancing, working capital needs

TheEdge Wed, Oct 23, 2019 10:52am - 4 years View Original


KUALA LUMPUR: Parkson Holdings Bhd’s 54.97%-owned subsidiary has secured loans totalling HK$3.9 billion (RM2.08 billion) from a syndicate of banks. The subsidiary, Hong Kong-listed Parkson Retail Group Ltd (PRG), manages Parkson stores in China

“The loan facility is for refinancing existing loans and ultimately for PRG’s general corporate and working capital needs,” Parkson said in a filing with Bursa Malaysia.

Parkson said the loan agreement imposes a specific performance obligation on the controlling shareholder of PRG.

“In the event the controlling shareholder ceases to be the largest ultimate beneficial owner of PRG, the loan facility available to PRG will be cancelled and PRG shall pay all outstanding amounts within three business days thereafter,” it said.

Parkson chairman and managing director Tan Sri Cheng Heng Jem and his wife Puan Sri Chan Chau Ha @ Chan Chow Har are deemed to have an interest in the 54.97% stake in PRG held by Parkson.

Parkson shares closed unchanged at 22 sen yesterday, with a market capitalisation of RM234.79 million.

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