Parkson Retail Asia receives mandatory offer for its 47.46% stake in Odel

PETALING JAYA: Parkson Retail Asia Ltd, a 67.61%-owned Singapore-listed subsidiary of Parkson Holdings Bhd, has received a mandatory general offer from Softlogic Holdings PLC and Softlogic Retail (Private Ltd), the joint offerors, for its 47.46% stake in Odel PLC.
The offer was made after the joint offerors acquired 45.16% of Sri-Lanka listed Odel, at Rs.21.80 to Rs.22 per share, triggering the Company Take-overs and Mergers Code 1995 of the Colombo Stock Exchange.
Under the code, the joint offerors are to make mandatory offer for a 54.84% stake they do not own in Odel at Rs.22 per share, being the highest price paid by the joint offerors during the period of the past one year.
Odel is involved in the department store and online shopping businesses.