SINGAPORE (July 1): Best World International announced subsidiary Best World (Zhejiang) Pharmaceutical Co. (BWZ) was granted on Thursday, a direct selling licence by China’s Ministry of Commerce.
BWZ is a wholly-owned subsidiary of Best World Lifestyle, which itself is wholly-owned by Best World International.
Under the licence, BWZ is permitted to conduct direct selling in areas in China which would be announced in due course on the ministry’s website related to the administration of direct selling industry for certain categories of products which would be announced in due course on the same website.
Under the grant of the direct selling licence, BWZ is not permitted to commence direct selling until BWZ has set up the requisite service centres in Hangzhou city within six months of June 7, 2016, with the service centres being subject to the inspection and report of the Department of Commerce of Zhejiang province.
Best World International says the grant of the direct selling licence is not expected to have any material effect on the consolidated net tangible assets and earnings per share of the company for the financial year ending Dec 31, 2016.
“The company shall make further announcements on the direct selling licence as and when there are any material developments,” says the group in its filing.
Best World International shares closed 15.7% higher at S$1.33 on Friday.