Singapore's GIC now a key investor in Parkson

GIC may have increased its stake in Parkson to close to 7 per cent with the acquisition of about 5 per cent stake from the open market last week.


Kuala Lumpur: The Government of Singapore Investment Corp (GIC) has emerged as a substantial holder of Parkson Holdings Bhd, after acquiring about 5 per cent stake from the open market last week.

The move has also increased GIC's exposure on local property market. Last year, it bought a 5 per cent stake in Sunway REIT Bhd and now holds 4.99 per cent stake in Sunway REIT, Bloomberg data showed.

GIC, which had about 1.76 per cent stake about a year ago, may have increased its stake in Parkson to close to 7 per cent with the acquisition.

Bursa Malaysia filing indicated that GIC acquired 55 million Parkson shares on August 24, when it was traded between RM5.58 and RM5.71.

Filing also revealed that Lion Group chairman Tan Sri William Cheng Heng Jem sold 579,940 shares on the same day and more than 13 million shares since end of July.

Parkson, controlled by Cheng, saw its fourth quarter and full-year net profit rising by more than 20 per cent to RM70.8 million and RM345 million, respectively.

Shares of Parkson rose by 5.8 per cent yesterday, its highest in more than two years, to close at RM5.73 a share.