Sincere Watch (Hong Kong) Limited (HKG:0444) (Sincere Watch) announced that CIMB Securities Limited has been appointed as the independent financial adviser to advise its independent board committee in respect of the possible mandatory cash offer by Be Bright Limited (which is wholly owned by Chu Yuet-wah) for all the issued shares of Sincere Watch. Such appointment has been approved by the independent board committee.

Sincere Watch announced in March that Be Bright agreed to purchase from a vendor the issued share capital of Sincere Watch Limited, the assets of which include 75% of the entire issued share capital of Sincere Watch, at an aggregate consideration of S$232 million (HK$1.431 billion). Upon completion of the acquisition, Be Bright will be required to make a mandatory cash offer for all the issued shares of Sincere Watch.

Be Bright has no intention to privatise Sincere Watch and intends to maintain the listing of the shares on the Stock Exchange.