Singapore, 19 July 2007 ? Stock purchases raise Chairman?s stake in leading watch manufacturer, distributor and retailer in the PRC Reflects confidence in Company?s robust growth outlook on back of surging PRC demand for mid-priced watchesSESDAQ-listed Time Watch Investments Limited (?Time Watch?, ?Company? or ?the Group?), one of the largest watch manufacturers, distributors and retailers of time pieces in the PRC in terms of brand and sales, announced today that the Group?s Chairman, Mr. Michael Tung, bought 1.5 million shares of the Company over yesterday and today.
Mr. Tung paid approximately S$447,500 for the total purchase of shares in the Pan-China watch business. He paid an average price of S$0.2983 per share for the purchase.?Consumer demand for mid-priced watches has soared tremendously in the past couple of years. No longer are customers buying just one watch, but two or three at the same time, reflecting the growing affluence of the middle-income class we are targeting. I am confident that with the popularity and long-lived quality reputation of our ?Tian Wang? and ?Balco? watch brands, coupled with our extensive network and aggressive expansion program, the performance of the company is satisfactory for this year.? Said Mr. Tung.