SINGAPORE-LISTED watch retailer Cortina Holdings has acquired the remaining stakes in two Taiwan subsidiaries, making both of them wholly owned subsidiaries of the company.
First, it acquired a 25 per cent stake in Cortina Watch Co (CTW) from minority shareholders for NTD58 million (S$2.53 million).
It then acquired the remaining 40 per cent of Pacific Time Co (PTT) from the existing minority shareholder for NTD6.5 million.
As at Aug 31, 2016, the net asset value of CTW was approximately NTD147 million and that of PTT NTD16 million, based on the management accounts.
The acquisitions were funded through the company's internal resources.