Tomei Consolidated Bhd’s wholly owned subsidiary Flawless Skin Care Sdn Bhd (FSC) today sold its business of distributing the skincare and cosmetic products of “The history of Whoo” and “belif” as a going concern for RM8.97 million.
FSC, whose principal activity is retailing of skin care and cosmetic products, this week entered into an asset purchase agreement with LG Household & Health Care Malaysia Sdn Bhd for the exercise.
LG is a company incorporated in Malaysia with its principal activities in the area of skin care and cosmetic products.
FSC agrees to sell and LG, relying on the several representations, warranties and undertakings contained in the agreement, agreed to purchase free from all encumbrances the whole of the business as a going concern.
“The disposal would enable Tomei to utilise its resources and focus on the core businesses of the group in the gold and jewellery business,” it said.