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MAINBOARD-LISTED Best World International said on Friday morning its subsidiary, Best World (Zhejiang) Pharmaceutical, has been granted the direct selling licence by the Ministry of Commerce in China.
News of the grant sparked a surge in the shares of the skincare and wellness product manufacturer, making it one of the top 20 gainers on Singapore Exchange.
As at 3.28pm, its counter rose 14.8 per cent or 17 Singapore cents to S$1.32.
Under the licence granted on Thursday, Best World (Zhejiang) Pharmaceutical will be permitted to sell directly its products in China. The specifics as to what categories of products and where in China it can do so will be announced in due course, the group said.
Pursuant to the grant of the licence, Best World (Zhejiang) Pharmaceutical is not permitted to start direct selling of its products until the company sets up the requisite service centres in Hangzhou city within six months from June 7, 2016. These service centres will be subjected to the Chinese authorities' inspection.
Best World (Zhejiang) Pharmaceutical is a wholly owned subsidiary of Best World International's wholly owned subsidiary, Best World Lifestyle.