Is OSIM sell-off linked to S$170m bond issue?

Singapore

AS OSIM International shares get pummelled further away from its near-term peak of S$2.87 scaled merely 2 1/2 months ago, the rub, say some market wags, could be related to the firm's S$170 million convertible bonds which were placed out to investors by HSBC, the issue's sole book runner and lead manager.

On Monday, the shares of the mainboard-listed massage chair maker got kneaded downwards again for the second straight trading day. The counter slipped eight Singapore cents or 3.3 per cent to S$2.35 - some 19 per cent off the one-year high reached on April 30 of S$2.90.