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Friday, January 2, 2009

Parkson Haiphong to buy Viet property for US$24.15mil

KUALA LUMPUR: Parkson Haiphong Co Ltd has signed a sale and purchase agreement with Thuy Duong Investment Joint Stock Co to acquire a property in Vietnam for US$24.15mil. Parkson Haiphong is a wholly-owned subsidiary of Parkson Holdings Bhd.

In a filing to Bursa Malaysia, Parkson Holdings said the proposed acquisition was to enhance the earnings of the group and was also in line with the company’s objective of owning key operating outlets.

It said the proposed acquisition would result in net incremental savings in terms of rental otherwise payable and additional income from the entertainment centre.

“The property is situated in a strategic and high growth development area which augurs well for future expansion and the Parkson Holdings group will be able to benefit from any capital appreciation in connection with the property,” it said.

Parkson Holdings said the funding for the proposed acquisition would be sourced from internally-generated funds and/or from bank borrowings.

“The proposed acquisition is expected to be completed by the first quarter of 2009,” it said.

By Bernama

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