by TMR / pic by TMR FILE

PRGL’s indirect subsidiary buys property in China

PARKSON Holdings Bhd’s 54.97% owned unit, Parkson Retail Group Ltd (PRGL), has entered into a tenancy agreement in respect of a property in Yichun City, China, which is regarded as acquisition and requiring PRGL to recognise the property as right-of-use assets in the amount of about RM59.7 million. It said the agreement was entered on July 11 between Jiangxi Parkson Shopping Centre Management Co Ltd, an indirect wholly owned subsidiary of PRGL, and Yichun Hong Lin Hotel Co Ltd for the tenancy of the first to fourth floors above ground level of Hong Lin World City and some shops at the same location for a term of 20 years. According to the International Financial Reporting Standard 16 — Leases, the transaction contemplated under the tenancy agreement is regarded as an acquisition of assets by PRGL, it said in a filing to Bursa Malaysia yesterday. — Bernama

Impiana Hotels sells, develops Pahang land

IMPIANA Hotels Bhd’s wholly owned subsidiary, Impiana Tioman Villas & Residences Sdn Bhd, has agreed with Impiana Tioman Sdn Bhd, Selo Tioman Resort Holdings Ltd and Impiana Selo Tioman Resorts Sdn Bhd to sell and develop five plots of land in Pahang. The project called “Samaja Selo-Private Residences” is estimated to be worth RM188.6 million and is located within Tioman, Rompin which would commence in the fourth quarter of 2021. The total land area is 5.089 ha and the development would be managed by Impiana Selo Tioman Resorts. This joint development is in line with the group’s objective to improve the earnings and enhance shareholders’ value since the joint development business model will allow Impiana Hotels to derive a new stream of revenue.

Haily IPO public portion oversubscribed 38.8 times

ACE Market-bound Haily Group Bhd said the public portion shares totalling 8.92 million under its IPO have been oversubscribed by 38.81 times. A total of 13,367 applications for 355 million new public issue shares valued at RM241.47 million were received from the public, representing an overall oversubscription rate of 38.81 times, the construction company said in a statement yesterday.