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China Sports International reveals 9.34% stake taken by OSIM
CHINA Sports International, which sells shoes under the Yeli brand in China and is licensed to use Garfield comic character images in its footwear there, has revealed that OSIM International has a 9.34 per cent stake in it.
In a series of announcements on Friday evening, the company said the share purchases were made over a period in May 2014, when OSIM first became a substantial shareholder with more than 5 per cent, to October 2014, when OSIM accumulated 9.34 per cent or close to 90 million shares.
China Sports last traded at 2.2 Singapore cents on Friday, and is valued at S$21 million, according to Bloomberg. This means the stake taken by OSIM, which sells massage chairs, healthcare products and luxury tea, is worth around S$2 million.
Asked by The Business Times why the disclosures were made by China Sports more than a year after OSIM became a substantial shareholder, OSIM chief financial officer Peter Lee said: "We are unaware of the reason for the timing of their announcements. Our latest stakes are as announced by China Sports."
Mr Lee added: "We bought with the intention to expand into sports products but we are biding our time."
OSIM also owns about 8.75 per cent of Trek 2000 International, a thumb drive and SD card maker.