Singapore-based JCG Investment Holdings Ltd has set up a joint venture in Malaysia with Natasha Skincare Sdn Bhd, the company said in a statement on Wednesday (Feb 19).
Natasha Skincare was founded in 1999 in Indonesia and offers halal-certified products for women, men and teenagers. It has more than 100 skin clinic centres and outlets in its home country. Natasha Malaysia was set up in 2013.
JCG said its new JV with Natasha in Malaysia is in line with its strategic plan to grow and expand its existing medical aesthetics, cosmetic surgery, healthcare and wellness business. The Group last year acquired Malaysia-based Beverly Wilshire Medical.
Its new JV with Natasha Malaysia will be called Natasha Beverly Sdn Bhd, and start operations in March this year.
“The Group’s business in Malaysia can be further enhanced by tapping on Natasha’s extensive presence in Indonesia, in particular to expand the Group’s customer base in the cosmetic surgery and anti-aging businesses with referrals from Natasha Skincare’s vast network in Indonesia,” said JCG.
The new JV will include a medical aesthetic clinic, medi-spa, chiropractor and physiotherapy services in a centre in the upmarket suburb of Bangsar in Kuala Lumpur.
It will also be the sole distributor in Malaysia and Singapore for products under the Natasha brand.
JCG and Natasha Skincare will hold an initial stake of 56% and 44%, respectively in the JV company, with the intention for each party to transfer 5% of their shareholdings to future doctors or operators.
JCG said that eventually, it and Natasha Skincare will hold a stake of 51% and 39%, respectively, while other doctors or operators will hold the other 10% stake in the joint venture company.
The Singapore-based company’s eventual 51% stake in the JV company shall be for a total consideration of 765,000 ringgit ($183,655) in cash and be funded by internal sources of funds.
Natasha Skincare (Malaysia) Sdn Bhd earned revenues of 150,429 ringgit in 2018 and made a loss of 1.16 million ringgit, according to its filing with Malaysia’s Registrar of Companies.
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