Tue, Oct 21, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Categorized | Investment

Singapore’s GIC reduces stake in Parkson

Posted on 29 August 2014

Parkson Holdings Bhd announced via Bursa that Singapore’s sovereign wealth fund, GIC Private Ltd, ceased to be a substantial shareholder in the company. GIC sold 5.74 million shares or 0.5% on the open market, leaving it with a 4.57% interest in Parkson. According to Bursa filings, GIC had been continually selling the company’s shares since April.
At least one research house, AllianceDBS Research, had issued a sell call on the counter. “Parkson’s FY14 results missed consensus (-12%) but beat our expectations (+8%). Net profit plunged 42% year-on-year (yoy) despite revenue growth of 1.4%. Q4FY14 earnings were dragged down by weak China operations (under Parkson Retail Group [PRG]) with earnings before income tax (Ebit) dropping 29% yoy despite revenue rising 1%………………………………………..Full Article: Source


 Article link

This post was written by:

VRS - who has written 14989 posts on Opalesque Sovereign Wealth Funds Briefing.


Contact the author

Comments are closed.

banner
October 2014
M T W T F S S
« Sep    
 12345
6789101112
13141516171819
20212223242526
2728293031