The Hour Glass (SGX:AGS) has agreed to acquire the entire issued and paid-up share capital of an Australian special-purpose vehicle for AU$90 million, according to a Monday filing with the Singapore Exchange.

The SPV, A.C.N. 685 541 851 Pty Ltd, has recently been incorporated in Australia and is involved in the business of retailing watches and other products.

Shares of the retailer of luxury watches and accessories were down nearly 4% in recent trading.