OSIM founder passes 90% ownership mark in privatisation bid

SGX-ST will be suspending trading of its share today.

OSIM is on the last leg of its privatisation as the company’s latest dealings disclosure announcement reveals that Ron Sim and his concert parties now own 90.64% of OSIM.

According to a report by OCBC, as the above members have successfully bagged more than 90% of the shares in issue, SGX-ST will suspend trading of the share as the close of the offer on 29 April 2016, or otherwise stated.

However, the offeror previously indicated that there is no intention to take any steps to lift any trading suspension.

“In addition, the disclosure states that the shares currently held by the concert parties of the Offeror in aggregate constitute not less than 90% of the total number of issued shares (other than those already held by the Offeror and excluding shares held in treasury),” notes OCBC.

Moreover, Sim and concert parties can compulsorily acquire minorities’ stake upon reaching the 97% ownership threshold.