Parkson unit sells KL mall for RM349mil

KUALA LUMPUR : Festival City Sdn Bhd (FCSB), a wholly-owned subsidiary of Parkson Holdings Bhd, has entered into a conditional sale and purchase agreement with Festiva Mall Sdn Bhd and AsiaMalls Sdn Bhd to dispose of KL Festival City Mall for RM349mil cash.

KL Festival City Mall is a property owned by FCSB.

In a statement to Bursa Malaysia, Parkson Holdings said the proposed disposal would result in a gain of about RM110mil.

“For illustration purposes, the proposed disposal will result in a net cash inflow to the Parkson Holdings Group of about RM340mil, which can be utilised for the investing activities of the group in brand business and ‘premium’ shopping mall development,’’ it added.