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Publish Date : 27-Jul-2012

Parkson Retail Asia Limited on Thursday said it is making its first foray out of Southeast Asia with the purchase of a 41.8 per cent stake in Colombo Stock Exchange-listed Odel plc for 1.42 billion Sri Lanka rupees (S$13.6 million).

The purchase consideration for the lifestyle fashion brand and retailer in Sri Lanka works out to 23.50 Sri Lanka rupee a share, which represents a premium of 9.8 per cent over the weighted average price of 21.3970 Sri Lanka rupee per share on July 25, 2012.

The founding members and majority shareholders of Odel, the Gunewardene Family, will continue to hold a 41.8 per cent stake.

Parkson Retail said the acquisition is part of the group’s strategy to go beyond the Southeast Asian market to seek opportunities in countries with strong growth. It provides Parkson Retail with an opportunity to establish a footprint in Sri Lanka and extend its department store chain into other parts of Asia.

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