Lifestyle products group Osim founder Ron Sim Chye Hock has puzzled the market by halting share trading in the group yesterday afternoon, after announcing an upwardly revised takeover offer in the morning.

Before the market opened, he announced a final offer price of S$1.29 (US95c) a share – seven cents higher than his original bid. This resulted in trading rising as high as $1.40 before settling at $1.37, with almost 25 million shares traded – two million of them at the lower price, and even below.

Sim had announced his privatisation bid for Osim International on March 7, saying he wanted to be able to make quicker corporate decisions. Osim sells massage chairs, nutritional supplements through the GNC retail network and owns luxury tea chain TWG.

With the latest offer, he will fork out an extra $16 million, based on the 228 million shares that he and his family did not own before making the offer via Vision Three, a private investment company owned by Sim.

At the end of April, Vision Three had received 841,401 valid acceptances, about 0.11 per cent of the total issued share capital of Osim. Shareholders who have already accepted the original offer do not need take further action, and will be entitled to the final offer price.

The offer closes on April 25, unless the company chooses to extend it.