15 Apr '11, 2pm

Osim buying 35% stake in TWG Tea Company

Osim buying 35% stake in TWG Tea Company

SINGAPORE : Massage-chair maker Osim International is buying a 35 per cent stake in luxury tea brand TWG Tea Company for S$31.36 million. In a statement, Osim said the partnership with TWG will support the two companies' strategic expansion plans throughout Asia. Osim will hold a 60 per cent majority stake in a newly-formed joint venture with TWG Tea, which will cover China, Hong Kong, Taiwan and South Korea. This is in line with TWG's plan to tap into the growing demand for luxury brands coming from Asia's growing middle and upper income households. Ron Sim, OSIM's chairman and CEO, said the firm's value added investment in TWG Tea is expected to be earnings accretive.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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