Company Briefs: Osim International

Osim International

Osim International founder Ron Sim has crossed the key 90 per cent threshold in his bid to take the company private.

Vision Three, the vehicle Mr Sim is using for his buyout offer, also said that it is extending the deadline for its offer till May 12, but did not explain why it was pushing the date back.

It said on Thursday that it had acquired, agreed to acquire, owned or controlled 90.64 per cent of Osim's shares.

It said the Singapore Exchange will suspend trading of Osim shares at the close of Mr Sim's offer - 5.30pm yesterday.

It also said that it has obtained 90 per cent of shares, together with parties in concert, other than Mr Sim's own shares and treasury shares.

This would allow Vision Three "to compulsorily acquire all the shares which have not then been tendered for acceptance on the same terms as those offered under the offer".

The 90 per cent threshold is where trading in Osim shares can be suspended due to a lack of sufficient public float.

Mr Sim launched his buyout bid late last month to take the massage chair retailer private, with an initial offer of $1.32 per share, that was raised twice to its final price of $1.39 after a trading bungle.

Osim shares closed flat yesterday at $1.39.

Fuxing China Group

Fuxing China Group, a China-based maker of zipper sliders and chains, reported a wider net loss of 8.6 million yuan (S$1.8 million) in the first quarter, an increase of 24 per cent.

Revenue for the three months to March 31 rose 22 per cent to 186.6 million yuan, mainly owing to the increase in sales of the company's trading segment.

Trading segment includes the sourcing and buying of certain raw materials.

But the increase in sales was partly offset by a drop in revenue contribution from the zipper chain segment at the processing segment.

Quarterly loss per share was 0.5 yuan, compared with 0.4 yuan in the same period a year earlier. Net asset value was 41.1 yuan as at March 31, down from 41.6 yuan as at Dec 31.

The company said it has been a challenging and tough quarter, as the zipper industry in China faces "intense competition with razor-thin profit margins", and expects it to stay that way.

It said that the automation of its plant and machinery could result in some cost savings in its overheads, which could help mitigate some of the rising cost pressures.

A version of this article appeared in the print edition of The Straits Times on April 30, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe