Jul 13, 2011

Parkson completes Centro take over

Parkson Retail Asia Pte Ltd and its subsidiary Centro Asia Pte Ltd has completed to purchase all new shares issued by PT Tozy Sentosa.
In an official statement, Parkson has acquired 72.22% shareholding in Tozy Sentosa and 27.78% stake has been purchased by Centro Asia Pte Ltd. The shares acquisition has been completed on June 9 2011 and Parkson Retail has paid the takeover.
Tozy Sentosa is a company that manages several department stores in Indonesia under the brand name Centro. Centro was founded in 2003 by Suzy Darmawan and Hutomo Santoso. Centro Department Store currently has five outlets at Plaza Semanggi, Jakarta, Discovery Shopping Mall, Bali, Margo Citi Square, Depok, Plaza Ambarrukmo, Yogyakarta, and Mall of Indonesia, Kelapa Gading, Jakarta.

Parkson Retail owns and operates department stores. The company was incorporated in 2011 and is based in Singapore. Parkson Retail operates as a subsidiary of East Crest International Limited. 
In line with the acquisition, East Crest International Limited in April entered  into a conditional joint venture agreement with PT Mitra Samaya and Parkson Retail Asia Pte Ltd.
The JV agreement would combine the Malaysian and Vietnamese retail business of Parkson Holdings with the Indonesian retail business of PT Tozy Bintang Sentosa. Tozy Bintang controls Centro Department Stores and Kem Chicks Supermarkets. 
The proposed actions also involved the acquisition of 100% shareholding of Tozy Sentosa, a subsidiary of Tozy Bintang by Parkson Asia and Centro Retail at a total consideration of US$13 million.
After the completion of the acquisition of 100% shares of Tozy Sentosa, PT Mitra Samaya would subscribe for shares in Parkson Asia and would become a 9.9% shareholder of Parkson Asia.

Disclosure: No position at the stock mentioned above.

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