OSIM International increased its shareholding in associated company TWG Tea Company from 35 per cent to 45 per cent on July 22.
The increase is due to the founding members of TWG not meeting the agreed performance target for the year ended March 31.
As a result, OSIM acquired 14,293 TWG shares from the founding members for a nominal sum of $2.
Based on audited accounts of March 31, the net tangible assets value per share of TWG is $32.90.
The increase in shareholding is positive and earnings accretive for OSIM for the current financial year.