Beauty service chain Mary Chia Holdings is paying $3.05 million to buy 80% of hairdressing chain Monsoon Hairdressing. 

The seller, Addy Lee, also known as Lee Eng Tat, will receive his payment in equal parts cash and new Mary Chia Holdings shares.

For the half year ended June 30, Monsoon reported earnings of $1.07 million, and as at June 30, it had a net asset value of $145,888. 

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