Osim applies for listing in Hong Kong as V3 just months after exit from Singapore bourse

The Osim International Ltd building in Ubi Avenue 1.
The Osim International Ltd building in Ubi Avenue 1.PHOTO: ST FILE

SINGAPORE - Massage chair and lifestyle products company Osim is relisting as V3 and has submitted a preliminary prospectus to the Hong Kong Stock Exchange.

Osim was delisted from the Singapore Exchange on Aug 29 last year, after Mr Ron Sim, through his vehicle Vision Three, launched a takeover offer in March that year. The final offer price valued the company at S$1 billion.

V3's initial public offering (IPO) has not been priced yet.

Among other things, proceeds from the IPO will be used to repay a S$321.9 million loan obtained by Osim, and the acquisition of a 69 per cent equity stake in Futuristic, a Singapore-based manufacturer of store fixtures for some of the world's leading retail brands.

V3 will be best known for its two luxury brands, Osim and TWG Tea.

Osim operates 35 stores in Hong Kong, 55 in Taiwan, 172 in China, 26 in Singapore, and 46 in Malaysia. It also has 93 franchised stores in 15 countries.

Last year, 76.8 per cent of Osim's own-store revenue came from the Greater China region.

TWG Tea was established in Singapore in 2008, with core markets in China, Hong Kong, Macau, Taiwan and Singapore.

Credit Suisse, Bank of China International and Jeffries are the joint sponsors for the IPO.