EGANA Holdings is hoping to spin-off its restructured jewellery holdings before the end of the year.
The watch and jewellery maker earlier this year said it would spin off the new company under the name Egana Jewellery and Pearls.
Executive director Peter Lee Ka-yue said: 'We are targeting a listing by the end of the year, but the pricing still has to be decided by the underwriters.' The jewellery company, whose operations contributed 31 per cent of Egana's turnover in the first half of this year, includes Egana's interest in Keimothai, the Thai-incorporated company the group bought in January.
The spin-off will leave Egana with its watch-making and distribution operations, which includes trademarks such as Esprit, Bulova and Pierre Cardin, a stake of about 20 per cent in locally listed watch-maker Peace Mark Holdings, and a 25 per cent interest in an audio products distributor, whose name the group has yet to disclose.
Egana was already looking to float the company, 'a well-established electronics group', on the local stock exchange, the group said in its recently released annual report.
Sources said they expected the company to go public in October.
But Egana's moves to list its jewellery division or the electronics group it bought in April are just two of the fund-raising projects it has been working on this year. The group is at present selling US$68 million in convertible bonds.