PETALING JAYA: Parkson Holdings Bhd
’s 54.97%-owned subsidiary Parkson Retail Group Ltd (PRGL) has renewed the tenancy of its retail property in Nanchang, China, for 15 years in a transaction valued at about 185 million yuan, or about RM111mil.
In a filing with Bursa Malaysia, Parkson said PRGL’s indirect wholly-owned subsidiary, Jiangxi Parkson Retail Co Ltd, entered into the renewal agreement with Jiangxi Kaimei Development Co Ltd on Sept 9.
The tenancy covers a basement level and four above-ground floors at Zhongshan Road in Nanchang, Jiangxi province, and will run from Jan 1, 2027 to Dec 31, 2041.
PRGL will recognise the property as a right-of-use asset. The RM111mil consideration is based on the present value of rental payments under the renewed tenancy.
The transaction is classified as a major transaction for PRGL under Hong Kong listing rules.
