Parkson Retail Asia Ltd undecided on Odel offer
View(s):A week after Softlogic Holdings offered a full buyout of Odel after taking a 45 per cent stake, majority shareholder Parkson Retail Asia Ltd said it was undecided whether to sell or not.
The leading Southeast Asia-based department store operator, in an e-mail to the Business Times said that its management will decide in due course whether to accept or reject the mandatory offer from Softlogic.
Last week, a 45 per cent stake for Rs. 2.7 billion owned by Otara, and her brothers, Ruchi and Ajit was sold to Softlogic.
With large lands in Colombo 7 and Battaramulla, Odel was gearing for more expansion when it announced plans for a mega mall in Colombo 7. Odel had got approvals for a mega mall at this site.
In July 2012, a 41.8 per cent stake in the company was bought for Rs. 1.4 billion by Parkson Retail Asia. The company later increased their stake.