JV between Mary Chia unit and Slim Beauty House Co to be wound up

SLIM Beauty House Co (SBH) has applied to the High Court to wind up MSB Beauty, a joint venture between itself and a unit of Mary Chia Holdings. 

It has applied for the appointment of Baker Tilly TFW as approved company liquidators, and for the cost of the proceedings be taxed, if not agreed or fixed, and be paid to SBH by the subsidiary of Mary Chia Holdings, Mary Chia Beauty & Slimming Specialist (MCBSS).

The court hearing is scheduled for July 20, 2018.

SBH had initiated arbitration proceedings against MCBSS in August 2016 due to a dispute over the joint venture.

In July 2017, the Singapore International Arbitration Centre had ordered that MSB Beauty be liquidated, and MCBSS was ordered to pay more than S$580,000 in damages and costs.

In November 2017, Mary Chia Holdings announced that MCBSS would not procceed with a further appeal against the court's decision on its dismissal order.

Mary Chia Holdings last closed on June 21 at S$0.02.