The Hour Glass to open travel retail business in Thailand

Royal Paragon Watch will begin operations in December 2012.

The Hour Glass Limited announced that its associated company in Thailand, THG Prima Times Co Ltd, and Royal Paragon Holding Company Limited have entered into a joint venture to establish a travel retail business in Thailand.

Royal Paragon Watch Limited, a private limited company in Thailand, has been incorporated pursuant to the shareholders’ agreement between THG Prima Times and Royal Paragon Holding.

It will commence business with the opening of an 8,000 square feet specialist watch retail store in Phuket, Thailand. Trading under the name “PMT The Hour Glass,” Royal Paragon Watch has a registered capital of Baht 75 million, comprising 750,000 ordinary shares of Baht 100 each.

THG Prima Times holds 60% of the registered capital in Royal Paragon Watch and Royal Paragon Holding holds the remaining 40%. The Hour Glass, through THG Prima Times, has a 30% effective interest in Royal Paragon Watch which will be considered an associated company and will be accounted for using the equity method.