Termination of Partnership Between Roxy and Sharp in Hong Kong
2016-08-26

Media Statement

Termination of Partnership Between Roxy and Sharp in Hong Kong

The Sharp management and Roxy Electric Company, Limited (“Roxy”) have mutually agreed to end the joint venture (“JV”) in Hong Kong and terminate Sharp-Roxy (Hong Kong), Limited (“SRH”) distributorship, effective on September 25, 2016.

The partnership has achieved the initial purpose of the JV, to enter the Hong Kong market. After the 29-year partnership, both parties decided to end the JV to align with the new strategic direction of Sharp’s overseas operations. Effective September 25, SRH will cease its sales operations and terminate its employees. Severance payment will be offered to all eligible SRH employees.

 

As a token of gratitude to the employees, SRH has decided not to apply Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) schemes benefits contributed by the employer to offset severance payment. As a result, the employees will be paid more than they are entitled to under the Hong Kong Employment Ordinance.

 

S.A.S. Dragon Holdings Limited (Stock Code: 1184.HK), the sole distributor of Sharp products in Hong Kong with effect from September 26, 2016, intends to offer job opportunities to SRH employees immediately after termination of their current employment with SRH at such terms to be agreed between the new employer and the respective employees. Information on the hiring process will be provided to the employee shortly.

 

Media Enquires

 

WE Communications

Annie Ho

+852 6339 2026

aho@we-worldwide.com

 

Miuson Chi

+852 9161 1017

mchi@we-worldwide.com

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