SINGAPORE (April 29): OSIM International founder and CEO Ron Sim is on the cusp of privatising his company. As at Thursday, his family has acquired, agreed to acquire, owned or controlled 90.64% of OSIM's shares.

The threshold of 90% is the level Sim can compulsorily acquire minorities' shares, says Credit Suisse, which is acting on Sim's behalf in his privatisation bid.

The 90% level is also a threshold where a stock can be suspended from trading because the public float has fallen below 10%.

Credit Suisse says the offeror, a special-purpose vehicle owned by Sim called Vision Three, can exercise its legal right of compulsory acquisition once it receives acceptances of 90% of shares that it did not own pre-offer, other than those already held by the offeror, its related corporations or their respective nominees.

By 5pm on Thursday, the offeror had received valid acceptances of 13.54%. The offeror has acquired another 7.85%, while Sim and family is due to tender the 69.25% of shares that they own. This adds up to 90.64%, a level where the offeror can and will exercise his right of compulsory acquisition under section 215(1) of the Companies Act, Credit Suisse says.

Sim's offer will close at 5.30pm today.