04:14 AM EDT, 05/25/2022 (MT Newswires) -- State Energy Group International Assets Holdings (HKG:0918) is acquiring Sinoforce Group, the exclusive distributor of Swiss luxury watch brands Girard-Perregaux and JeanRichard in Greater China markets, for HK$50 million ($6.5 million).
The company will buy Sinoforce from carmaker Apollo Future Mobility (HKG:0860), according to a Wednesday disclosure.
State Energy Group, a sportswear products retailer, said the deal is part of its strategy to laterally expand into the branded timepieces and accessories business to broaden its income streams.
Shares of State Energy rose over 4% in late afternoon trade.
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