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KUALA LUMPUR: Innature Bhd is disposing of its entire shareholding in wholly-owned subsidiary Ola Beleza Sdn Bhd to Natura Cosmetics Asia Pacific Pte Ltd (Natura AP) for RM2.04mil.
In a filing with Bursa Malaysia yesterday, InNature, a regional retailer of cosmetics and personal care products carrying The Body Shop and Natura brands, said it had entered into a share purchase agreement with Natura AP for the disposal.
Natura AP is a member of Natura & Co, a multinational cosmetics and personal care corporation carrying the brands of Natura, The Body Shop, Aesop and Avon.
Commenting on the disposal, InNature group managing director Datin Mina Cheah-Foong said the disposal was a mutual decision, having considered the evolving operating environment post-pandemic.
“Following the completion of the disposal, Natura & Co will take over the Natura business in Malaysia, whereas InNature will focus on growing further our core business in all our markets,” she said in a statement yesterday.
Ola Beleza is in the business of distribution and commercialisation of certain Natura products in Malaysia.