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

Published 06/01/2009, 05:22 AM
Updated 06/01/2009, 05:32 AM
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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 , 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)

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