Parkson's unit signs tenancy agreement with Wuzhou City

KUALA LUMPUR (June 1): Parkson Holdings Bhd’s (Parkson) indirectly-owned unit, Nanning Brilliant Parkson Commercial Co Ltd has signed a 20-year tenancy agreement with Wuzhou Sankee Investment Co Ltd for approximately RM51.91 million.

Nanning Brilliant Parkson Commercial is a 54.97 per cent-owned subsidiary of Parkson Retail Group Ltd, which is Parkson's Hong Kong Exchange-listed subsidiary.

In a filing with Bursa Malaysia today, Parkson said the tenancy agreement is in respect of the tenancy of the first to fourth floor of Sunshine 100 Sankee City, Wuzhou City, China.

“The principal activities of the group are the operation and management of a network of department stores in China.

“The tenancy of the property plays an important role in the development of the group’s business in Wuzhou City and is in line with the group’s development strategy in Guangxi Zhuang Autonomous Region,” it said.

The board believes that the tenancy will have a positive impact on the future development of the company.

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