The Hour Glass proposes one-into-three share split

SINGAPORE - Luxury watch retailer The Hour Glass announced plans to undertake a share split in which each share will become three shares.

The Singapore-listed firm currently has 235,003,960 issued shares which will result in 705,011,880 issued shares after the exercise, said The Hour Glass.

This will reduce the price of each share and increase its affordability and trading flexibility for smaller investors, it said.

The move is expected to broaden the firm's shareholder base and enhance the liquidity of its shares.

Shareholders will be asked to approve the decision at an extraordinary general meeting (EGM) targeted to be held on Nov 13. This will be conducted by way of an ordinary resolution.

Further details of the sub-division exercise and EGM will be given to shareholders in due course, said the firm.