Fashion
A plan to simplify the complex ownership structure of Parkson Retail Asia operations has been rejected by independent shareholders.
The proposal, defeated by a 63.44 per cent vote against at a shareholders meeting on Monday, would have seen the Singapore-listed Parkson Retail Asia parked under Hong Kong listed Parkson Retail Group, which in turn is a subsidiary of Malaysian-listed Parkson Holdings.
The side effect of the vote is that Malaysian shareholders have missed a proposed cash distribution arising from the internal reorganisation.
Parkson Retail Asia has 67 stores in Southeast Asia which were to be merged with the Parkson Retail Group network of stores in Greater China.
Parkson Holdings says the companies will now continue to operate under the status quo.
