Osim moves on to buy back rest of its shares

Massage chair firm Osim International has moved ahead with its plan to delist the company from Singapore Exchange (SGX) after the close last Friday of its offer to buy all remaining shares.

In an announcement to SGX yesterday, Osim said that Vision Three, the vehicle set up by founder Ron Sim for the offer, had acquired just over 96 per cent of the issued shares in Osim.

Having crossed the requisite 90 per cent threshold, Vision Three would now move ahead to compulsorily acquire the remaining shares held by shareholders who did not accept the offer.

They would be paid $1.39 a share ex-dividend - the final price for the offer.

Osim had extended the closing date for the offer a couple of times.

Mr Sim launched the offer in March at $1.32 a share and later lifted the offer to $1.37 a share, not including a two-cent dividend.

But a trading bungle meant the ex-dividend figure had to be raised again to $1.39 as Vision Three had bought Osim shares on the market above the earlier $1.37 price.

Osim said shareholders who had not accepted the offer would receive a letter from the company in due course on the compulsory acquisition.

A version of this article appeared in the print edition of The Straits Times on May 23, 2016, with the headline 'Osim moves on to buy back rest of its shares'. Print Edition | Subscribe