Sale of Sincere Watch to Hong Kong investor completed
As expected, on 21 May 2012, Be Bright Limited completed its purchased of Singapore retailer Sincere Watch Ltd.
Be Bright also acquired a 75% stake in its Hong Kong subsidiary Sincere Watch (Hong Kong) Ltd, which triggers a mandatory offer of HK$2.12 for the remaining shares in the Hong Kong subsidiary. Because the Hong Kong entity is listed on the Hong Kong stock exchange the news had to be filed with the exchange, though the Singapore holding company is privately held. Be Bright is an investment vehicle of Ms Pollyanna Chu, as reported in greater detail in an earlier post covering what is the third sale of the Sincere Watch company since 2007.
How this change in ownership shapes Sincere Watch will be noteworthy, as will any shifts amongst the watch brands that Sincere carries.