Shifting resources


Luxury watch manufacturer Oriental Watch Holdings Ltd. has sold its local business in order to ‘achieve better resources allocation’, a filing with the Hong Kong Stock Exchange has announced.
In September 2016, the watch company sold its 45 per cent share of capital interest in Hei Tung Watches Company Ltd. to Smart Group Limited for a total consideration of HK$83.2 million (US$10.4 million)
According to the company’s final results for the year ended March 31, 2017, as of that period the company possessed one store in Macau – Oriental Watch (Macau) Company Ltd. in Macau Square – with the group and its subsidiaries having stated that in the previous financial year they operated three stores in the MSAR.
In the 2016/2017 financial year, Oriental Watch registered a nine per cent yearly increase in revenues in its Macau, Taiwan and Mainland China segment to HK$858 million, posting losses of HK$4.9 million.