Osim founder Ron Sim drops claims against Trek 2000, sells 7.3% stake to Azure Capital

[SINGAPORE] Fund manager Azure Capital has become a substantial shareholder of Trek 2000 International, the company known for its ThumbDrive USB flash drive.

In a bourse filing on Thursday (May 28), Trek said that Azure Capital acquired 22,074,000 ordinary shares, representing about 7.3 per cent of its issued share capital.

The shares were bought from Osim founder Ron Sim, pursuant to a share-purchase agreement they had entered into on May 11. The consideration of over S$2.6 million works out to S$0.12 per share.

The transaction was completed on Tuesday.

Terence Wong, founder and CEO of Azure Capital, noted that Trek has “delivered a step up in profitability”.

He added that the company’s “patented wireless memory technologies position it to participate in the growing demand for high-performance, data-intensive applications” driven by the adoption of artificial intelligence.

With the deal completed, Sim’s stake in Trek is now down to 2 per cent, from 9.3 per cent previously. He therefore ceases to be a substantial shareholder of the company.

Trek’s other substantial shareholders are executive chairman and group president Wayne Tan, Kioxia Corporation, CTI II and Creative Technology.

Backing off

In a separate announcement on Thursday, Trek said that Sim and Osim have confirmed they “will not proceed further” with legal claims previously filed against the company, Wayne Tan and his father, former executive chairman Henn Tann.

SEE ALSO

Court of Appeal upholds GNC’s rights to Ron Sim’s LAC store leases, awarding of damages

Trek 2000 divests stake in Terrenus Energy valued at around S$8.2m

Doing away with SGX watch list may help the firms focus more on the long term: market watchers

The claims stemmed from legal letters that Sim and Osim had sent in 2024 and 2025.

The initial correspondence alleged that Henn Tan, who stepped down in 2018, had made fraudulent misrepresentations that were relied upon when Sim and Osim bought Trek shares in 2015.

It was also alleged that Sim had been treated “unfairly and contrary to his legitimate expectations as a minority shareholder”.

Describing the situation as a “legacy shareholder matter”, Wayne Tan said that the company’s board and management “remain focused on executing our growth strategy across memory, AI-related and renewable energy solutions”.

In 2022, Henn Tan was sentenced to one year and four months in jail for accounting fraud that concealed Trek’s weak financial performance.

Zooming in on storage, AI, renewables

Trek said that it has “developed patented wireless memory technologies that integrate NAND and DRAM systems for high-speed, data-intensive applications”.

These technologies, it added, support the group’s strategic partnership with software company Aboard AI to “co-develop an AI-powered aviation solution” that is expected to bring in more than US$15 million in revenue through FY2027.

Trek reported a net profit of US$4.6 million for FY2025, jumping nearly 12 times from the earnings of US$335,000 it reported for the year before, despite a 1.1 per cent decline in revenue to US$19.6 million.

The company said that its Artificial Intelligence of Things (AIoT) division accounted for 93.2 per cent of sales revenue during the year.

It added that it will ramp up innovation to “enhance its core storage and AIoT solutions”, while developing and marketing its AI and renewable energy-related offerings.

Trek was placed on the Singapore Exchange watch list in June 2023. The list was abolished in October 2025 as part of a move towards a more disclosure-based framework. Issuers must still disclose if they record losses for three consecutive years.

Shares of Trek rose 28.9 per cent or S$0.046 to close at S$0.205 on Thursday, before the news.