Recently, I received the following email query on The Hour Glass Limited, one of the famous brands for luxury watches in Singapore. Hence, I decided to craft a post to capture some quick thoughts on this SGX-listed stock.
Chanced upon your blog while doing research on The Hour Glass Limited. Could I know whats your take on the management shuffle going on now? Quite a few board level executives are moving on.
To be frank, apart from the resignation of Ms Wong Mei Ling as the Managing Director of Singapore, I am not aware of any major management shuffle going on within The Hour Glass Limited.
I have previously written an investment analysis on The Hour Glass Limited. Check out the report here.
According to the SGX filing, Ms Wong was responsible for the business development and management of The Hour Glass’ Singapore Division and her departure was due to her pursuit of other interests. Prior to that, Ms Lim Jee Yah resigned as Managing Director of Luxury Enterprises in July 2016.
Ultimately, investors must note that The Hour Glass is a family-owned and family-run business. So the departure of Ms Wong and Ms Lim should not be major concerns as the company founders are still managing the business. Nonetheless, behind the successful story of The Hour Glass Limited, lies a bitter family feud between founders Dr Henry Tay and Jannie Chan.
Dr Tay and Jannie Chan were divorced in 2010 and were engaged in a high-profile legal dispute over money issues back in 2012. Apparently, Dr Tay obtained an injunction to prevent Ms Chan from signing cheques for a family company, TYC Investment. Dr Tay also asked the court to order his former wife to return more than $3 million to TYC Investment. The couple subsequently managed to settle the family feud out of court.
Last year, Jannie Chan got into deeper trouble when she [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]
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