PETALING JAYA: Parkson Haiphong Co Ltd, a subsidiary of Parkson Retail Asia Ltd, has entered into a conditional asset transfer agreement with Thuy Duong Construction & Trading Joint Stock Company to sell the whole retail podium of Parkson TD Plaza Shopping Center in Hai Phong City, Vietnam, for about S$13.8 million (RM42.55 million) cash.
As part of the disposal, Thuy Duong will make an earnest deposit of S$69,000 into Parkson Haiphong’s designated bank account within three business days from the signing date of the agreement.
The unaudited book value of the property as at March 31 is about S$13.7 million. After considering the transaction costs, the group expects to record a net loss of approximately S$700,000 from the proposed disposal.
Following the disposal of the property, Parkson Haiphong will only continue its business of operating and managing the store in Ho Chi Minh City, Vietnam.
“The proposed disposal will help to strengthen the cash flow position of the group and reduce its liabilities. The group will also have more flexibility to redeploy its resources for working capital purposes,” it said in a Bursa Malaysia filing.
The group estimated that there will be net proceeds of S$13.1 million from the proposed disposal, which it intends to use for working capital.
source https://www.thesundaily.my/business/parkson-retail-asia-unit-to-dispose-of-hai-phong-city-asset-HM3178977
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