KUALA LUMPUR (March 6): The Dalian Intermediate Court has ruled against Hefei Parkson Xiaoyao Plaza Co Ltd, an indirect wholly-owned subsidiary of Parkson Retail Group Ltd (PRG), in relation to a shareholding dispute in Anshan Parkson — a department store in Liaoning, China. Hong Kong-listed PRG is a 54.67%-owned subsidiary of Parkson Holdings Bhd. The ruling also stated that Hefei Parkson returns the 51% stake to Shenzhen Xinhui Industrial Co Ltd — a nominee of Dalian Tianhe Parkson Building Co Ltd — within 10 days after the judgement has come into effect. In the meantime, PRG said shareholders of the company and potential investors are advised to exercise caution when dealing in its securities. Parkson Holdings' share price gained three sen or 4.76% to close at 66 sen today, giving it a market capitalisation of RM704.36 million, while PRG shares closed unchanged at HK$1, valuing it at HK$2.65 billion.

Source: The Edge Markets March 06, 2017 14:48 UTC