Parkson preparing announcement

Asian department store giant Parkson has voluntarily suspended trading of shares in two of its listed companies pending a major announcement.

At 1pm on Monday, Hong Kong listed Parkson Retail Group sought a trading halt pending the release of “inside information of the company”.

In Malaysia, its 52 per cent owned subsidiary Parkson Holdings also suspended share trading.

Both suspensions were on Tuesday extended to the full day with no further information revealed.

As at the end of January, Parkson Retail Asia had 65 department stores in four Asian markets – Malaysia, Indonesia, Vietnam and Myanmar, with a combined retail floor space of 666,000sqm.

The related Hong Kong company operates department stores in China.

A myriad of Parkson businesses across Asia all fall under the umbrella of the Lion Group.

Just a week ago, the Malaysian company was forced to issue a notice to the stock exchange after its share price came under unusual selling pressure. In a statement released on March 23, it said: “The company is not aware of any circumstance within the group that could have led to this selling pressure on its shares and the board wishes to reiterate that the group’s fundamentals remain intact.”

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