Egana gains sole rights in Japan

Watch and jewellery trader Egana International (Holdings) says shareholder Peninsula has sold a 1.7 per cent stake for $27.25 million to a Japan-based watch distributor. The sale allows Egana to distribute exclusively 'Esprit' watches in Japan. Egana will also be the sole distributor and manufacturer of Esprit watches worldwide. Peninsula sold 54.5 million shares at 50 cents each, its closing price on Monday.