Hong Kong's Citychamp Watch says to buy $116 mln Valartis Bank stake

Citychamp Watch & Jewellery

07/04/2016 02:08

HONG KONG, April 7 (Reuters) - Citychamp Watch & Jewellery 
Group Ltd  0256.HK  said it would buy 68.85 percent of Valartis 
Bank (Liechtenstein) AG from     Valartis Group AG  VLRT.S  for 
110.5 million Swiss francs  ($115.66 million), aiming to broaden 
its revenue streams. 
    The Hong Kong-listed watchmaker and distributor has also 
offered to buy a 29.45 percent interest from minority investors 
at the same terms, with a remaining 1.7 percent being held by 
the bank itself as treasury stock, it said in a filing to the 
Hong Kong bourse late on Wednesday. 
    Valartis Bank, the fifth-largest Liechtenstein-based private 
bank by the amount of assets under management, managed assets of 
3.4 billion Swiss francs as of March 23, 2016. 
    Citychamp said it would fund the deal by internal resources 
and that it had no plan to dispose or reduce its existing 
businesses. 
    Trading in the company's shares, which was suspended on 
March 29, will resume on Thursday. 
($1 = 0.9554 Swiss francs) 
 
 (Reporting by Donny Kwok; Editing by Stephen Coates) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: CITY WATCH&JEWEL VALARTIS GROUP/AQUISITION