An intermediate people’s court in China has ordered a freeze of the bank deposits of two units of Parkson Retail Group Ltd (PRGL) -- the Hong-Kong-listed subsidiary of Parkson Holdings Bhd -- in a dispute over a loan agreement.
In a notice to The Stock Exchange of Hong Kong Ltd, PRGL said its indirect wholly-owned subsidiaries Changshou Parkson Retail Development Co Ltd (Parkson Development) and Parkson Investment Holdings Co Ltd (Parkson Investment) were involved in a litigation where they, together with four other parties, were named defendants.
The four include PRGL’s landlord Changshou Hang Lung Properties Co Ltd, the owner of the premises that it is using as a department store on the first floor underground and the five floors above ground of Hang Lung Centre in Changshou, Jiangsu.
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In a notice to The Stock Exchange of Hong Kong Ltd, PRGL said its indirect wholly-owned subsidiaries Changshou Parkson Retail Development Co Ltd (Parkson Development) and Parkson Investment Holdings Co Ltd (Parkson Investment) were involved in a litigation where they, together with four other parties, were named defendants.
The four include PRGL’s landlord Changshou Hang Lung Properties Co Ltd, the owner of the premises that it is using as a department store on the first floor underground and the five floors above ground of Hang Lung Centre in Changshou, Jiangsu.
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