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TalkMed Group's subsidiary to form JV
STEM Med, a subsidiary of TalkMed Group, entered into a joint venture with A DrBrand (ADB) to form DrSG Cellular Wellness with an issued and paid-up capital of S$100 comprising 100 ordinary shares.
ADB is the brand owner of DrGL, DrSpa and DrHair, with over 28 years of experience and research in skin and hair care.
The percentage of issued and paid-up capital held by Stem Med in the JV is 60 per cent. As TalkMed has a 60 per cent equity interest in Stem Med, the effective interest of TalkMed in the JV is 36 per cent.
Stem Med and ADB intend to utilise the JV as a vehicle to customise solutions using protein-rich derivatives for skin care and hair rejuvenation.
In its filing to the Singapore Exchange, the company said: "The partnership combines the expertise of both Stem Med and ADB in the fields of stem cell technology and aesthetics, respectively, in order to research and produce highly-effective products and technologically-advanced treatments for hair rejuvenation and customised skin care for the global beauty market."
The incorporation of the JV is funded by the existing funds of Stem Med and is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending 31 December 2017.