Posted on 19 April 2013 - 05:37am
Kang Siew Li
PETALING JAYA (April 19, 2013): The vision, direction and strategic business plans of Parkson Retail Group Ltd (PRGL) and Parkson Retail Asia Ltd (PRA) will stay the course, outgoing executive director and managing director Datuk Alfred Cheng Yoong Choong said, despite him stepping down from his post at both companies effective May 31. "There's no change in vision, direction or strategies of the businesses. They remain the same. It's my duty as a senior advisor to the board to ensure that they remain on track," Alfred, 49, told SunBiz over the telephone from London. In a filing with the Hong Kong and Singapore stock exchanges on April 5, 2013, PRGL and PRA respectively announced that Alfred will be relinquishing his positions in both companies for personal reasons and will be replaced by current non-executive director and chairman Tan Sri William Cheng Heng Jem, 70, who is also the uncle of Alfred, from May 31. Alfred's current portfolio, which involves the day-to-day management of the companies' business, will be handled by the respective country CEOs. "My decision is a personal one. I've spent most of the last 25 years travelling three weeks a month and it's about time I devote more time to my family who is residing in London. "I'll remain actively involved in supporting the team to carry out the business. The country CEOs are all highly qualified, experienced and capable. The business remains on track," said Alfred. Alfred will stay on as non-executive director and senior adviser to the chairman and the board of both PRGL and PRA. In his new capacity, Alfred will continue to support the strategic direction, vision and development of the companies' businesses in the region. Alfred is a substantial shareholder in PRA with a 6.2% stake, and owns 0.03% in PRGL. Alfred, who has been at the helm of the Parkson business for 17 years, began his career with the Parkson group in 1987, holding various positions including as COO and general manager of merchandising department at its Malaysian subsidiary, Parkson Corp Sdn Bhd. Alfred is one of the founding members of PRGL and PRA, which have grown to become one of the largest department store operators in their respective markets. Under his stewardship, Hong Kong-listed PRGL has now expanded its network to 55 stores across 35 cities in China, while Singapore-listed PRA operates 53 stores across Malaysia, Vietnam and Indonesia. Alfred is leaving at a time when PRGL is facing falling profits amid a competitive landscape while PRA is still experiencing growth. PRGL's net profit dropped 24.2% to RMB850.8 million for the financial year ended Dec 31, 2012 due to the tough operating environment and higher operating expenses associated with new stores opening and the leases extension. However, PRA's net profit for the six months ended Dec 31, 2012 (H1 FY13) rose 27.5% to S$26.9 million, from S$21.1 million a year ago, largely driven by the strong growth in same-store sales, improved sales productivity from existing stores, the opening of new stores and the inclusion of the operations in Indonesia, acquired in June 2011. For FY13, PRA targets to open seven new stores across Malaysia, Vietnam, Indonesia, Cambodia and Myanmar. In July last year, PRA announced its expansion into Sri Lanka through the acquisition of a 42.19% stake in Colombo-listed retailer Odel PLC, as part of its vision of becoming the leading department store operator in South and Southeast Asia. (Market development)
Matrix Concepts to launch RM680m projects in 2013
Posted on 18 April 2013 - 03:06pm
Last updated on 18 April 2013 - 06:12pm
PETALING JAYA (April 18, 2013): Matrix Concepts Holdings Bhd, enroute for listing on the Main Market of Bursa Malaysia by the first half of this year, plans to launch new property projects worth up to RM680 million in gross development...