Singaporean billionaire Ron Sim revamps V3 Group as unit revives Hong Kong IPO

Billionaire Ron Sim has revamped his private company Group V3 into three main businesses after its consumer brands segment relaunched plans to list on the Hong Kong stock exchange.

V3 Brands Asia, which includes the group’s flagship manufacturer of high-end massage chairs OSIM and TWG Tea – had filed an IPO application on the Hong Kong stock exchange last month. The company scrapped its IPO in 2018 due to market volatility and opted to sell nearly 30% of the company to US private equity firm KKR for $370 million.

The Singapore-based company is preparing to list as its profits surge even as the Covid-19 pandemic has disrupted the global economy. The company’s net profit soared 153% to S$72.7 million ($53.3 million) in the nine months to September 30 from a year earlier, while revenue are upgraded by 33% to S$332.8 million, according to its IPO filing.

“V3 Group’s brands and businesses performed well in 2021, underscoring the group’s growth potential and resilience despite an ongoing global pandemic,” Sim, Executive Chairman of V3 Group, said in a statement. declaration. “The creation of our key business units will further refine our approach to business development, strengthen our focus and give us increased flexibility as we continue to grow.”

In addition to the consumer business owned by V3 Brands Asia, the company established V3 Capital to seek thematic investment opportunities in global markets, generate value and drive innovation. Its V3 assets hold the group’s interests in healthcare and real estate, including a substantial stake in Perennial farmswhich has assets in China, Indonesia, Malaysia, Myanmar, Singapore and Sri Lanka.

“We strongly believe in the continued growth of the consumer sector in Asia,” Jaka Presatya, Singapore-based partner at KKR, said in a statement. “This reorganization by V3 Group will further strengthen its ability to build brands and seize opportunities in Asia and beyond.”

Sim, who founded OSIM four decades ago and turned it into a global brand, delisted the company from the Singapore stock exchange in 2016. With a net worth of $1.3 billion, Sim, 63, was ranked No. 35 on Singapore’s 50 richest list. which was released in August.

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