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All Ore Mineracao SA quits mining business and wants to buy cosmetic producer

Tuesday, 27 Jan 2015 05:46am EST

All Ore Mineracao SA:Says its Board of Directors decided to leave mining business sector and to sign the letter of intent to purchase a cosmetic producer Sweet Distribuidora Importacao e Exportacao de Cosmeticos Ltda. - ME (SweetHair).Intends to buy businesses of production and distribution of cosmetics and franchise.Will acquire SweetHair for the exchange of shares, with issue of 48 percent of new shares for the existing shareholders and capital raise of 25 million Brazilian reais.The founder and CEO of SweetHair Paulo Kajaks to be the CEO of SweetHair Cosmeticos S.A., the company arising from the transaction.Sees the deal to be completed by Q2 of the current year.

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