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UPDATE 1-Malaysia's Parkson says HK unit to issue new shares

Wed May 21, 2008 11:56pm EDT

Stocks

   

(Adds background, updates stock price)

KUALA LUMPUR, May 22 (Reuters) - Hong Kong-listed Parkson Retail Group Ltd (3368.HK) is planning a new share issue, its Malaysian holding company said on Thursday.

Trading in shares of both Parkson Holdings Bhd (PRKN.KL) and its unit Parkson Retail has been suspended pending the announcement.

A spokeswoman from Parkson Holdings declined to provide further details.

Parkson Holdings' stock fell 0.8 percent to 6.60 ringgit ($2.05) before the suspension.

Parkson Holdings, controlled by Malaysian conglomerate Lion group, owns a 53.52 percent stake in Parkson Retail, according to a statement from Parkson Holdings. (Reporting by Soo Ai Peng; Editing by Anshuman Daga)



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