Parkson says fundamentals intact, as share price plunges

PETALING JAYA: Parkson Holdings Bhd (PHB) was moved to issue a statement to shore up investors confidence in the group after its share price continued its downtrend to close at RM1.99 last Friday, from heaving selling pressure which started more than a week ago.
On March 12, 2015 the stock was trading at RM2.49 a piece.
In a statement released on Friday, the group said it was not aware of any circumstance within the group that could have led to this selling pressure on its shares.
"PHB wishes to reiterate that the group's fundamentals remain intact with its strategy to pursue with branding and shopping malls development to support and complement its retail business. This is evident in the signing ceremony on March 19, 2015 by Parkson China's subsidiary to bring in a few renowned brands in the Food & Beverage sector into China. The group is also in the process of acquiring exclusive distributorship of some international fashion brands in Malaysia," it said.
PHB added that it remains confident in its business fundamentals and prospects, and the overall retail industry.