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Monday, July 7, 2008

Parkson HK Share Split Approved

I noticed this morning that there was no "live" price for Parkson HK (3368.HK) and yet the HKSE is opened for trading.

Found an announcement
to HKSE at 5.30PM last Friday, that at the Special EGM convened, the shareholders have unanimously approved Parkson HK 1-to-5 share split.

As expected, this is not a new information. It was reported in the news last month that Parkson HK was planning the share split here - http://www.tradingmarkets.com/.site/news/Stock%20News/1686299/

"SHANGHAI, Jun 16, 2008 (SinoCast via COMTEX) -- Parkson Retail Group Limited (SEHK: 3368) brews to divide its current HKD 0.1 share to five HKD 0.02 ones with a view to improving the share turnover and enlarge the shareholder base.

Its shares will amount to 7.5 billion after the division, which is scheduled to take effect on July 7, 2008, according to a statement on June 11."

So, it seems we should see new Parkson HK price which is 5 times smaller, with 5 times larger number of shares tomorrow.

UPDATE (10:15AM): I just noticed that Parkson HK is now traded under 2945.HK, not 3368.HK. The share price is now HKD10.x instead of HKD5x.x (i.e. 5 times smaller), and appears to have jumped on opening after the split.

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