Osim raises stake in TWG Tea to 70%
Lifestyle products firm Osim has raised its stake in subsidiary TWG Tea Company from 53.7 per cent to 70 per cent.
The increase in shareholding, effective on Saturday, arose from a rights issue at TWG Tea. The tea firm had issued new shares to raise $25 million, Osim said in a statement posted on the Singapore Exchange website on Sunday.
The funds will be used mainly for expansion this year and to repay a bank loan and a shareholder loan.
"The above is expected to be earnings accretive for Osim for the current financial year," Osim added.