Jade Dynasty (00970) announced that its Yaolai Watches and Jewellery acquired Richard Mills for a total cash consideration of 5 million yuan. The intangible property rights of the ‘MILLE’ brand are used in China.
The two parties also signed a contract for consideration on July 9th. Yaolai Watches & Jewellery was appointed as the exclusive Chinese agent for ‘RICHARD MILLE’ brand watches.
The Saitama Dynasty plans to expand the ‘RICHARD MILLE’ brand from Beijing to other cities in the Mainland.
According to the sale and purchase agreement, Yaolai Watch & Jewellery agreed to acquire and Richard Mill (Asia) agreed to sell the entire registered capital of the target company, and the two parties agreed to use HK $ 5,000,000 as the consideration amount. Pursuant to the license agreement, Richard Mills (Asia) granted the exclusive and non-transferable intangible property rights of domestic use of Bright Watches and Jewellery at a one-time consideration of HK $ 6,000,000. Based on the directors’ understanding and reasonable checks that have been made, Richard Mill (Asia), Mr. Tan and his associates are independent third parties.