Stock News: Hour Glass to buy 5% of Gems TV holdings!

Luxury watch retailer Hour Glass Ltd said it has agreed to buy a 5 pct stake in Gems TV Holdings, a manufacturer and television home shopping retailer of jewellery, for 9.73 mln usd. The acquisition, to be funded from internal funds and bank borrowings, is expected to be completed by the end of the month. Hour Glass said in a statement that Gems TV has successfully penetrated the UK television home shopping market and has potential for growth and expansion.