KUALA LUMPUR (Sept 13): Parkson Holdings Bhd plans to dispose of its entire interests in a China subsidiary along with the relevant shareholder's loan which it says will boost its current year earnings by RM300 million. The transaction is expected to be completed in FY17, the group said in its filing to Bursa Malaysia. Shenzhen Qianhai has also agreed to acquire the sale loan from Parkson Retail at the loan consideration upon the terms and consideration of the agreement, said Parkson. The loan consideration in the amount of 649.7 million renminbi (RM402 million) was determined after arm's length negotiation between Parkson Retail and Shenzhen Qianhai as well as Shanghai Changkun, it said. Parkson's share price fell 1 sen or 1.27% to 78 sen today with 956,900 shares traded and a market value of RM844.22 million.

Source: The Edge Markets September 13, 2016 14:26 UTC