Monday 24 October 2011

Parkson said to list retail arm in S$200 m S'pore

Posted on 19 October 2011 - 11:21am
SINGAPORE (Oct 19, 2011): The Asian retail arm of Malaysia's Parkson Holdings is planning to raise up to S$200 illion ((RM494.6 million) in a Singapore initial public offering (IPO), a source told Reuters on Wednesday.
Parkson Retail Asia, a department-store operator with operations in Malaysia, Vietnam and Indonesia, is looking to sell shares at an indicative price of S$0.935-S$1.07 each, the source with direct knowledge of the deal said.
The source could not be named as he was not authorised to speak to the media. A spokesperson for Parkson Holdings could not immediately be reached for comment.
Parkson Retail, 90% owned by Parkson Holdings, on Wednesday filed a preliminary prospectus with the Singapore regulator. Indonesia's PT Mitra Samaya owns the remaining 10% in the company.
The global offering comprises 80 million primary shares and 67 million secondary shares offered by Parkson Holdings' subsidiary East Crest International and Mitra Samaya, with an over-allotment option of 22.05 million secondary shares, IFR Asia reported.
The indicative price range is 12.4-14.2 times the expected earnings for calendar year 2012.
Its parent Parkson Holdings has a 12-month forward price-to-earnings ratio of 20.3 times, compared with a sector median of 19.9, according to Starmine data.
In August, Parkson Holdings said Parkson Retail had net assets of S$140.3 million as of June 30.
HSBC has been appointed the sole global coordinator and issue manager for the offering. CIMB and HSBC are the joint bookrunners and underwriters, while CLSA is the co-lead manager.
At 0413 GMT, shares of Parkson Holdings were down 1.95% at RM5.54. – Reuters

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