KUALA LUMPUR: Hong Kong-listed Parkson Retail Group Ltd (PRG) is expected to realise a pre-tax gain of approximately 40.0 million renminbi (RM19 million) from the disposal of its indirect 55% stake'' in Yangzhou Parkson Plaza Co Ltd.
PARKSON HOLDINGS BHD [] said on Wednesday, Dec 1 that PRG had completed the disposal of Yangzhou Parkson Plaza Co Ltd for 78.5 million renminbi (RM36.9 million).
Following the completion of the disposal, Yangzhou Parkson had ceased to be a subsidiary of PRG.
'The rationale for the disposal is due to the location of the Yangzhou Parkson store which is no longer desirable for department store operation and the size of the store which is too small to remain competitive in the market. The disposal is estimated to realise a pre-tax gain of approximately 40.0 million renminbi,' it said.
PARKSON HOLDINGS BHD [] said on Wednesday, Dec 1 that PRG had completed the disposal of Yangzhou Parkson Plaza Co Ltd for 78.5 million renminbi (RM36.9 million).
Following the completion of the disposal, Yangzhou Parkson had ceased to be a subsidiary of PRG.
'The rationale for the disposal is due to the location of the Yangzhou Parkson store which is no longer desirable for department store operation and the size of the store which is too small to remain competitive in the market. The disposal is estimated to realise a pre-tax gain of approximately 40.0 million renminbi,' it said.
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