On 28 December 2011, Safilo Far East Limited (SFEL) exercised the call option granted by Elegance Optical Investments Limited (a wholly owned subsidiary of Elegance International (HKG:0907)) in July 2003 to acquire 14.5% interest in Safint Optical Investments Limited for HK$37.57 million, Elegance International said.

Safint is engaged in distribution of optical frames and sunglasses in the PRC.

On the same date, SFEL notified Elegance Optical that it proposed to acquire from Elegance Optical its remaining 10% equity interests in Safint for HK$28.5 million. As at 28 December 2011, no definitive or legally binding agreement or contract had been signed in respect of the potential disposal.