A press release on HWL's website said that its subsidiary A S Watson & Co Limited (ASW) is conducting a strategic review of its super market retail business operating under the head brand name PARKnSHOP (PNS) to optimize value for shareholders.

HWL was reportedly planning to sell PNS at a price of about $1 to $2 billion.

In response to media inquiries, the company said that ASW has not yet set a definite timetable for completion of its review and there can be no assurances that the process will result in any transaction being announced or completed.

During the strategic review process, ASW and PNS will remain focused on executing their respective operational plans in the ordinary course of business.

PNS, a 100 percent owned subsidiary of ASW, is having a market share of over 30 percent in Hong Kong. It operates 345 stores in Hong Kong, Macao and south China in total and had revenues of HK$21.7 billion (about $2.8 billion) in 2012.