Parkson Retail auditor raises going concern doubts

Singapore

PARKSON Retail Asia's independent auditor has raised a "material uncertainty" about the department store operator's ability to remain as a going concern, the company announced on Friday after the market closed.

It said, however, that its Malaysian parent Parkson Holdings Bhd has given an undertaking to provide financial support for 12 months from the date of the board's approval of the audited financial statements. Parkson Holdings controls about 68 per cent of Parkson Retail's shares.