KUALA LUMPUR, March 15 — Parkson Holdings Bhd’s 54.97 per cent owned subsidiary, Parkson Retail Group Ltd (PRGL) has entered into a loan agreement with a syndicate of banks...
Tengku Zafrul says will facilitate PM’s meeting with Microsoft CEO in mission to make Malaysia Asean’s digital hubFile picture of a view of the Parkson outlet located in Maju Junction in Kuala Lumpur March 14, 2018. Parkson Holdings Bhd’s 54.97 per cent owned subsidiary, Parkson Retail Group Ltd has entered into a loan agreement with a syndicate of banks in relation to a syndicated loan facility to up to RM1.625 billion.
In a filing with Bursa Malaysia here today, Parkson Holdings said the loan facility is for a term of 36 months commencing from the first drawdown date.Parkson Holdings said the loan agreement imposes, among others, a specific performance obligation on a controlling shareholder of PRGL. “Pursuant to the loan agreement, Tan Sri Cheng Heng Jem shall remain the single largest ultimate beneficial owner of PRGL.
In the event the controlling shareholder ceases to be the single largest ultimate beneficial owner of PRGL, all outstanding advances and all interests accumulated thereon, and all or any other sums payable by PRGL under the loan agreement would be declared as immediately due and payable, and the total commitment under the loan agreement would be cancelled.As at the date of the PRGL announcement, the controlling shareholder is indirectly interested in about 54.
The entering into of the loan agreement by PRGL does not have a material impact on the earnings of the Parkson Holdings Group for the financial year ending December 31, 2024, and the net assets of the PHB Group based on the audited consolidated statement of financial position of the company as at December 31, 2022.
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