Jade Marvel plans JV in management of wellness-related biz via one-stop IT control system

Jade Marvel plans JV in management of wellness-related biz via one-stop IT control system
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KUALA LUMPUR (Oct 15): Jade Marvel Group Bhd is planning to collaborate with a newly incorporated local private company to jointly undertake the management of wellness industry-related businesses via a one-stop information technology control system.

In a bourse filing, Jade Marvel said it has inked a memorandum of understanding with BHealthy Wellness Sdn Bhd, whose owners and directors Chua Kian Leong and Goh Chee Siang both have vast experience in the wellness industry, including spa, reflexology and beauty specialist businesses.

Under the MoU, the parties will set up a joint venture with a 51:49 shareholding, with Jade Marvel holding the controlling 51% stake. The preliminary agreement will pave the way for the parties to exclusively discuss the terms of their joint venture, and to enter into definitive agreements on terms to be agreed upon.

Jade Marvel said the MoU will allow it to leverage on the expertise and experience of the shareholders and directors of BHealthy Wellness and enable it to explore new business opportunities in the planned joint venture.

BHealthy Wellness was incorporated on Oct 7, 2021 principally as the investment holding company to undertake the management of wellness industry related businesses such as spa, reflexology and beauty specialist centres.

Jade Marvel's share price closed half a sen or 0.83% higher at 61 sen on Friday, giving it a market value of about RM170.14 million.

Tan Choe Choe