Parkson Retail receives $27.6m in mandatory offer
In relation to its Sri Lankan associate.
Parkson Retail Asia (PRA SP) has decided to take up the mandatory offer by Joint Offerors in its 47.5%-owned Sri-Lankan associate.
PRA will receive cash of SGD27.6m, and book a one-time gain of SGD0.6m over the book value. PRA originally invested around SGD13.5m in ODEL back in 2012.
On the other hand, the proceed further boosts PRA's net cash position (SGD150.1m), allowing them to continue paying out healthy dividends (SGD5.5 cents per share for June FY14).