ACL PRG to sell 55mil Parkson shares

HONG KONG: A large shareholder in Parkson Retail Group Ltd, which runs a network of department stores in China, was selling about HK$85mil worth of shares in the company at a discount of 2% to 5% to its closing price yesterday, according to a term sheet.

PRG Corp was selling 55 million shares at HK$11.71to HK$12.07 each in a deal handled by UBS, the term sheet said. Parkson shares rose 1.65% to close at HK$12.32 yesterday.