Baker & McKenzie has advised department store operatore Parkson Retail on its listing on the Singapore Exchange and its S$158.9 million ($122.8 million) global offering.
Parkson Retail, the retail business of Malaysia-based Parkson Holdings and one of the largest department store operators in Southeast Asia, has 50 outlets, including one supermarket, across Malaysia, Vietnam and Indonesia. The proceeds from the IPO will be used to open new stores in Indonesia, Malaysia, Vietnam and Cambodia.
The Baker & McKenzie team was led by securities partners Ashok Lalwani and Lan Hing Liew, based in Singapore; Munir Abdul Aziz, based in Kuala Lumpur; Mark Innis, based in Jakarta; and Fred Burke and Oanh H.K. Nguyen, based in Ho Chi Minh City. The team had lead responsibility for legal due diligence, drafting of the prospectus, corporate and regulatory issues, and general transaction management.
“We are extremely pleased to have assisted Parkson Retail on this strategically important transaction. The successful completion and strong support for the issue during considerable uncertainty in the markets is a good testament to investors’ confidence in Parkson Retail. It also attests Singapore’s appeal as the listing venue of choice in Southeast Asia,” said Lalwani, head of the firm’s Asia-Pacific securities practice, in a statement.
HSBC Singapore was the sole global coordinator and issue manager on the global offering. HSBC Singapore and CIMB Securities (Singapore) were the joint bookrunners and underwriters. The company’s shares commenced trading on Nov. 3. ALB
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