Parkson sets up joint venture for property development in China

-A +A

KUALA LUMPUR (Oct 16): Parkson Holdings Bhd has entered into an agreement to establish a joint venture (JV) to jointly locate suitable land resources within Jiaxing city of Zhejiang province in China for future development and construction of properties on such land resources.

In a bourse filing today, Parkson told Bursa Malaysia that its 54.97%-owned subsidiary Parkson Retail Group Ltd had announced that its indirect wholly-owned subsidiary Shanghai Shengrui Commercial Management Co Ltd had entered into an agreement with Hongxiang Real Estate Co Ltd, a wholly-owned subsidiary of Hongxiang Holding Group Co Ltd, on the formation of the JV.

“The formation of the joint venture does not have a material impact on earnings of the group for the financial year ending June 30, 2021 (FY21) and net assets of the group based on the audited consolidated statement of the financial position of the company as at June 30, 2020,” said Parkson.

Trading of the securities in Parkson was halted from 9am today and resumed with effect at 10am. As of the time of writing, the stock was unchanged at 14 sen, giving it a market capitalisation of RM149.41 million.

Surin Murugiah