Analyst Research Report Snapshot

Title:

Flash Note – Parkson (ADD, maintain) - PRA adds Cambodia to its portfolio of markets

Price:

$23.00

Provider:

Affin Investment Bank

Date:

16 Sep 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PRKN.KL

Available for Immediate Download
Summary:

In route to Cambodia Parkson Holdings (PHB) announced that its 100%-owned unit, True Excel Investments, which is based in Cambodia had entered into the following agreements: 1) a conditional option agreement with PP.SW Development Co. Ltd (PPSW), wherein True Excel is granted the option to enter into a lease agreement for the lease of the LG floor and 1st floor of the Parkson Mall, for a term of 50 years with automatic renewal for another 50 years for an indicative refundable deposit of approximately RM138m; 2) a sale and purchase agreement with PPSW for the purchase of the 2nd to 7th floor of the Parkson Mall for an indicative purchase price of RM247.8m; 3) a sub-lease agreement to Parkson Cambodia, to sub-lease the anchor tenant space at 1st floor of the Parkson Mall, measuring 34.7k sq.ft with a total lease rental rate of US$32k/month; and 4) to lease to Parkson Cambodia, the anchor tenant space at the 2nd and 3rd floor of the Parkson Mall, measuring 83.8k sq.ft with a total lease rental rate of US$77.8k/month. Note that Parkson Cambodia is a unit of Parkson Retail Asia (PRA), which in turn is PHB’s 67.6%-owned by PHB. The total lease and acquisition agreement made with PPSW is RM386.4m.

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