Parkson sell-down raises $82.5 million

The controlling shareholder of Parkson Retail Group, a company that runs department stores across China, raised HK$644 million $82.5 million by selling part of its stake through a placement last night.

The deal consisted of 55 million shares, which were offered at a price between HK$11.71 and HK$12.07, representing a 2% to 5% discount to yesterday's closing price of HK$12.32. The price was fixed at the bottom, at HK$11.71, for the maximum 5% discount.

The seller is PRG Corporation, which is an indirect wholly owned subsidiary of Malaysia-based investment holding company Parkson Holdings Berhad. The deal represented 1.96% of the company's outstanding share capital, and will reduce Parkson Holdings' stake...