The board of directors of Parkson Holdings Berhad has announced that Parkson Retail Group Ltd., its wholly-owned subsidiary, will indirectly acquire a 30% stake of Nanning Brilliant Parkson Commercial Co.
Parkson Retail Group has signed a sale and purchase agreement with Hao Lin on August 28, 2008 to acquire all the issued shares of Favor Move International Limited for CNY60 million. Favor Move International Limited is the sole legal owner of all the issued shares of Hanmen Holdings Limited and Hanmen Holdings Limited will become the owner of a 30% stake of Nanning Parkson. However, Hanmen's ownership of Nanning Parkson will not be confirmed until it receives authorization from the Chinese Ministry of Commerce and a new business license is issued by the State Administration for Industry and Commerce. The transaction will then be completed and Parkson Holdings Berhad will indirectly acquire the 30% stake of Nanning Parkson.
On May 21, 2008, Parkson Holdings Berhad acquired a 70% stake of Nanning Parkson, but the acquisition has not been fully completed so far. Once these two acquisitions are completed, Parkson Holdings Berhad will wholly own Nanning Parkson through its subsidiary.