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2009-6-2 09:17:00 a.m. HKT, XFNA
DJ MARKET TALK:Parkson Set To Fall After Chmn's HK$644M Placement
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| 0905 [Dow Jones] Parkson Retail (3368.HK) set to fall after controlling shareholder and Chairman Cheng Heng Jem sold HK$644 million worth of shares in private placement Monday. Cheng sold 55 million shares, or about 1.96% of total Parkson shares, at HK$11.71 each, representing 5.0% discount to Monday's close of HK$12.32. Before placement, Cheng owned 53.58% stake in Parkson. Francis Lun at Fulbright believes placement likely opportunistic, with stock's 25.1% rise since end-April. Expects placement price as immediate support for stock; adds earnings outlook remains positive amid optimism over China's economic outlook, with Thomson Reuters tipping FY09-11 net profit to grow 16.2%, 20.5%, 22.8% on-year respectively. Stock ended +1.7% at HK$12.32 Monday. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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