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The Hour Glass transfers stake in Vietnam unit to Thai associate

MAINBOARD-LISTED luxury watch dealer The Hour Glass has transferred its stake in a Vietnam-based company to an associate in Thailand, the board said on Friday.

The Hour Glass's effective interest in the watch-selling THG S&S group has been cut from 50 per cent to 25 per cent, in a move that the board said took into account factors such as "the risks associated with the venture in Vietnam and the growth potential of the restructured group".

The company transferred its interest in THG S&S, which had an unaudited net asset value of US$614,000 as at Nov 30, to 50 per cent-owned THG Prima Times for US$50,000 in cash - a price tag that the board said was reached on a willing seller, willing buyer basis.

The transfer is not expected to materially affect the group's net tangible assets and earnings per share for the year to March 31, 2020, the board added.

The Hour Glass shares closed flat at S$0.805 on Friday before the announcement.