A 41.8 percent stake in Sri Lanka’s ODEL, a fashion retailer is to be acquired by Parkson Retail Asia, a department store which has operations in Malaysia, Vietnam and Indonesia for 1.424 billion rupees.
Otara Gunewardene will retain a 27.8 percent stake and remain its chief executive. The firm will also make a 1 for 1 rights issue that will raise 2.899 billion rupees for expansion.
Key Executives for Parkson Retail Asia Ltd (PRA)
Heng Jem Cheng “William” – Chairman
Koh Huat Lai – Chief Financial Officer
Teo Meng Keong – Joint Secretary
Ang Siew Koon – Joint Secretary