The Straits Times / The Business Times News on OSIM

OSIM CEO transfers stock to family trust

Mr Sim: Still retains full control and rights over the shares; holding in OSIM remains unchanged

OSIM International's chief executive and founder Ron Sim yesterday transferred more than half of his stake in the company to a family trust as part of his estate planning.

Some 130 million shares or a stake of 28.95 per cent in the healthcare and lifestyle products company were transferred to RS Assets Ltd, a wholly owned Bahamas company 'held for and on behalf by the UBS Trustee (Jersey) Ltd as trustee of a revocable discretionary trust'.

The beneficiaries are Mr Sim, his wife and three children.

'The transfer of the shares was effected as part of an estate planning exercise designed to ensure a smooth succession and continuity in the ownership of the shares in the future,' OSIM said in a statement.

As Mr Sim retains full control and rights over the shares, his shareholding in OSIM remains unchanged at some 235,35 million shares representing 52.36 per cent of the company's issued share capital.

This comprises a direct 51.61 per cent stake and a deemed holding of 0.75 per cent.

Mr Sim currently has no intention to divest any part of his shareholding, said OSIM.