OSIM International has been served a writ of summons by The Wellness Group Pte Ltd and its chairman, Manoj Murjani, over its shares in TWG Tea. The claim in the writ of summons relates to the recent subscription by OSIM and Paris Investment of the shares in TWG Tea and other disputes.
The Wellness Group and Manoj claimed that the issuance of shares was an act of minority oppression and is in breach of the terms of the shareholders agreement dated March 18, 2011, entered into between OSIM, Paris Investment, The Wellness Group, and TWG Tea. OSIM first acquired a 35% stake in TWG Tea in April 2011 for $31.36m. This was raised to 45% last July, and 53.7% in October. Last month, OSIM raised its stake in the luxury tea company to 70%, when TWG Tea undertook a rights issue to raise $25m.
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