Parkson Holdings Bhd. (PKS), a Kuala Lumpur-based department store operator, said it plans to list its retail operations in Malaysia, Indonesia and Vietnam on the Singapore stock exchange.
The company expects the sale to be completed by the year- end, Parkson said in a statement to Bursa Malaysia today. CIMB Investment Bank Bhd. and Hongkong and Shanghai Banking Corp. were hired to help manage the sale, according to the statement.
The sale of the business, called Parkson Retail Asia Pte., may raise S$300 million ($250 million) to S$500 million, said a person with knowledge of the matter today, before Parkson’s announcement. The company didn’t say in its statement how much funds the initial public offering may raise.
Parkson operates 36 department stores in Malaysia and seven in Vietnam, according to its website. The company incorporated Parkson Retail Asia in Singapore in March. In June, it completed the purchase of Indonesia’s PT Tozy Sentosa, which owns the country’s Centro department stores, for $12.8 million.
Malaysian newspaper the Sun Daily reported earlier today that Parkson Retail Asia will be listed in Singapore soon, citing sources that it didn’t identify.
Parkson rose 2.6 percent to close at 5.59 ringgit in Kuala Lumpur, compared with a 0.1 percent decline in the benchmark FTSE Bursa Malaysia KLCI Index.
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