Parkson Holdings Bhd. (PKS) is planning an initial public offering of its retail operations in Malaysia, Indonesia and Vietnam, according to a person with knowledge of the matter.
The sale of the business, called Parkson Retail Asia Pte., may raise S$300 million ($250 million) to S$500 million in Singapore, said the person, who declined to be identified because the deal hasn't been made public. Parkson Holdings picked HSBC Holdings Plc (HSBA) to manage the IPO, the person said.
Kuala Lumpur-based Parkson Holdings operates 36 department stores in Malaysia and seven in Vietnam, according to its website. The company incorporated Parkson Retail Asia in Singapore in March. In June, it completed the purchase of Indonesia's PT Tozy Sentosa, which owns the country's Centro department stores, for $12.8 million.
Alfred Cheng, Parkson Retail Group's managing director, declined to comment in an e-mail to Bloomberg News today. Malaysian newspaper the Sun Daily reported on the Parkson Retail Asia listing earlier today.
Parkson rose 2.6 percent to close at 5.59 ringgit in Kuala Lumpur, compared with a 0.1 percent decline in the benchmark FTSE Bursa Malaysia KLCI Index.