Khazanah sells stake in Parkson Retail

PAKA Capital Ltd and Khazanah Nasional Bhd are selling a stake worth as much as HK$578.4 million (US$74 million) in Parkson Retail Group Ltd, a Beijing-based department store chain.UBS AG, Deutsche Bank AG and CIMB Bhd are managing the sale of bonds exchangeable into 8 million Parkson shares for HK$70 to HK$72.30 per share, the banks said in e-mails to clients. Deutsche Bank is the global coordinator.Parkson’s shares more than doubled in 2007 as the company lured more shoppers to its store in China, the world’s fastest- growing major economy. The retailer, which has 41 stores in 26 Chinese cities, posted a 47 per cent gain in 2007 annual profit to 676 million yuan . - Bloomberg