Mary Chia Holdings secures 80% of Monsoon Hairdressing for $3.05m

The holding will be paid for by cash and issuance of new MCH shares.

M2 Group (MGPL), a wholly owned subsidiary of lifestyle and wellness service provider Mary Chia Holdings (MCH), has entered into a sale and purchase agreement with Addy Lee to acquire 80% of five companies under the Monsoon Hairdressing Group (MHG) for approximately $3.05m.

The target companies primarily provide hair services and hair care products.

The proposed acquisition of approximately $3.05m for the 80% stake in MHG will be satisfied 50% by cash consideration and 50% by issuance of new shares in the capital of MCH.

Approximately 5.56m shares at $0.144 will be issued to raise about $800,000.

Wendy Ho, chairman and CEO of MCH, said that both MCH and MHG’s popularity and dedicated customer base will also allow cross-selling of products and services, with MCH for physical beauty and wellness and MHG for hairdressing and hair care.