Steiner Leisure had acquired 60 percent of each of Mandara Spa LLC, which operates resort spas in the United States, the Caribbean, the Pacific and spas on ships of two cruise lines ("Mandara US"), and Mandara Spa Asia Limited, which operates resort spas in Indonesia, Thailand, Malaysia and the Maldives ("Mandara Asia"), in July 2001. At that time, the remaining 40 percent equity interests in Mandara Asia and Mandara US were owned, respectively, by Shiseido Co. Ltd., and its subsidiary, Shiseido Investment US, Inc. Shiseido Co. Ltd., is a leading international manufacturer of cosmetics and personal care products. In March 2002, as a result of prior capital contributions made by one of its subsidiaries, Steiner Leisure increased its equity ownership of Mandara US to approximately 80 percent.
Steiner Leisure paid to the Shiseido entities a total of 400,000 Steiner Leisure common shares in consideration for the Mandara equity interests. Those shares are subject to a lock-up which permits sales of half the shares beginning in one year and the balance, a year after that, and also have SEC registration rights which are effective after the one year lock-up period.
Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 106 cruise ships, and in 52 resort spas and 17 luxury day-spas.
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