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JCG Investment sets up JV with Natasha Skincare
CATALIST-LISTED JCG Investment has formed a joint venture (JV) with Natasha Skincare, a beauty brand in Indonesia known for its range of "Halal-certified" skincare and beauty products, with more than 100 outlets there.
The JV is expected to commence operations in March 2020 to include a medical aesthetic clinic, medi-spa, chiropractor and physiotherapy services housed within a four-storey centre in the heart of upmarket Bangsar suburb in Kuala Lumpur, Malaysia.
The JV has also been appointed the sole distributor in Malaysia and Singapore for products bearing the "Natasha" brand name.
JCG and Natasha will each hold an initial stake of 56 per cent and 44 per cent respectively in the JV company, with the intention for each party to transfer 5 per cent of their shareholdings to future doctors or operators.
Eventually, JCG and Natasha will hold a stake of 51 per cent and 39 per cent respectively while doctors or operators will hold the other 10 per cent stake in the JV. JCG's eventual 51 per cent stake shall be for a total consideration of RM765,000 (S$255,000).
JCG said the JV is part of its plan to grow and expand the group's Beverly Wilshire brand and its existing medical aesthetics, cosmetic surgery, healthcare and wellness businesses in the region.
It said: "The group's business in Malaysia can be further enhanced by tapping Natasha's extensive presence in Indonesia, in particular to expand the group's customer base in the cosmetic surgery and anti-ageing businesses with referrals from Natasha Skincare's vast network in Indonesia."
Ang Kok Huan, chief executive of JCG, said: "Last year, we welcomed Malaysia-based Beverly Wilshire Medical Group led by its executive chairman Dato Francis Ng... We look forward to working with more like-minded partners to build our Group into a leading medical aesthetics, cosmetic surgery, healthcare and wellness brand in the region."
JCG shares closed down 0.1 cent or 33.33 per cent to S$0.002 on Wednesday.