Padini announces registration in Cambodia

The company said in a Bursa Malaysia filing that revenue grew 20.71% to RM342.36mil, boosted by new stores including an additional five Padini Concept and eight Brands Outlet stores.

KUALA LUMPUR: Padini Holdings Bhd has completed the registration of Padini (Cambodia) Co Ltd in Cambodia on Aug 2 for a cash consideration of 20 million Riels (US$5,000). 

Padini is the holder of 100% of the total shares in Padini Cambodia, which comprise of 1,000 shares, each with a par value of 20,000 Riels.

In a filing with Bursa Malaysia, Padini announced that it Padini Cambodia is private limited company incorporated in Cambodia on July 14, 2017, and is involved in the trading of apparel, shoes and accessories. 

Padini recorded a profit of RM34.82mil in its third quarter ending March 31, 2017, compared to RM35.13mil in the previous corresponding period.

The counter has been trending higher since mid-January this year. At midday, it was up 10 sen or 2.63% to RM3.90 on volume of 395,700 shares.

The registration of the subsidiary in Cambodia is not expected to have any material impact on the earnings and net assets of the company for the financial year ending June 30, 2018.