Osim founder Ron Sim makes offer of $1.32 a share to take company private

Mr Ron Sim, founder and chairman of Osim International.
Mr Ron Sim, founder and chairman of Osim International. PHOTO: OSIM

SINGAPORE - Osim founder Ron Sim has made an offer to take the company private.

In an announcement posted on the Singapore Exchange website on Monday morning, the company said Mr Sim is offering $1.32 a share.

This amount includes a final dividend of two cents a share that the company proposed in its latest full-year results.

Mr Sim now owns a 68.31 per cent stake in Osim.

Osim, known for its massage chairs and fitness equipment, was founded in 1983 and has been listed on the SGX mainboard since July 2000.

Last Tuesday, Osim shares jumped 11.5 cents, or over 10 per cent, to end at $1.225. It has been halted from trading since.

In the announcement, Osim said that Mr Sim has no intention of changing the company's business, redeploying its fixed assets or slashing staff other than in the ordinary course of business.

However, it added, Mr Sim wants to retain "the flexibility at any time to consider options or opportunities which may present themselves"

Following the close of the takeover offer, Mr Sim will conduct a comprehensive review of Osim's operations, management and financial position and will evaluate various strategic options, it said.