Beauty treatment firm Mary Chia Holdings on Tuesday entered into a non-binding memorandum of understanding (MOU) with an Indonesian businessman to explore expanding the brand into Indonesia.
In a Singapore Exchange (SGX) filing on Tuesday, Mary Chia said Pak Tanto Adi Pramoko has varying Indonesian business interests and is also acting as senior advisor for the Indonesia market to the company.
The MOU will explore business opportunities including and not limited to retailing, import and export, setting up a flagship store and subsequently setting up a chain of stores in Indonesia via a licensing agreement. This would include selling Mary Chia's range of skincare products, health supplements and services to the Indonesian market.
Mary Chia is currently in the process of incorporating a fully owned subsidiary in Indonesia and obtaining the necessary regulatory approvals.
The company said further details are being discussed and it will announce any material developments on the SGX website.