SPA Cancels the Joint Investment in “CHABA,” Affirming 20% Growth in Revenue!

SPA has announced the cancellation of the joint investment in “CHABA” while affirming that the company will maintain a 20% growth in revenue this year.

Siam Wellness Group Public Company Limited (SPA) has announced that its Board of Directors has approved the cancellation of joint investment in Chaba Elegance Co., Ltd (CHABA) which conducts manicure, pedicure and eyelashes service because it requires specialized personal skills causing difficulty in expansion and did not fulfill SPA’s planned objectives.

SPA has asserted that the cancellation of the joint venture of CHABA does not impact the company’s operating results in which SPA still maintains its revenue growth target for this year of 20% YoY.

SPA has jointly invested in CHABA since January 1, 2019 and it will transfer its shares in Chaba Elegance Co.,Ltd total 349,600 shares or equivalent to 76% of registered shares back to Chaba Nail Wellness Spa at the East Co.,Ltd (previous shareholder) at the same price when purchase within Q4, 2019. SPA will recognize the revenue from the joint investment until 30 September 2019.