Parkson in sale of $85 mln in shares-term sheet

HONG KONG, June 1 (Reuters) - A large shareholder in Parkson Retail Group Ltd (3368.HK), which runs a network of department stores in China, was selling about $85 million worth of shares in the company at a discount of 2 to 5 percent to its Monday closing price, according to a term sheet.

PRG Corp was selling 55 million shares at HK$11.71-HK$12.07 each in a deal handled by UBS (UBSN.VX)(UBS.N), the term sheet said. Parkson shares rose 1.65 percent to close at HK$12.32 on Monday. (Reporting by Alison Lui; editing by Chris Lewis)