Oceanus Group Limited

The company will next announce its financial statements for the half-year ending June 30.

Three independent directors including newly appointed Yaacob Bin Ibrahim, the former minister, take up stakes in Oceanus Group.

Earnings for the 9MFY2020 stood at RMB4.7 million from the RMB4.5 million loss reported in 9MFY2019.

"With his deep and varied experiences, including knowledge in the area of Environment and Water Resources, and Communications and Information, Dr. Yaacob will be a strategic fit and will add greater diversity and depth to Oceanus’ Board," says CEO Koh.

For 2Q20, the group registered a 613% surge in net profit of RMB8.9 million from the RMB1.3 million a year ago, although it saw losses of RMB2.3 million from the earnings of RMB6.3 million in 2Q19.

Oceanus Group, the premium seafood value chain manager, has achieved its first “clean” audit opinion in nine years, after successfully resolving all legacy issues that have caused disclaimer of opinions from its auditors between FY2011 to FY2017.

Ocean Wonder International Limited (OWIL) has ceased to be a substantial shareholder at Oceanus on Monday.

Alacrity, part of an Indonesian conglomerate, bought the stake via a married deal from Oceanus’ former major creditor cum largest shareholder, Ocean Wonder International Limited (OWIL).

With effect of the extension, Oceanus now has till Mar 1, 2021, to meet the financial criteria of exiting the SGX watch list. Failing which, the company will be delisted from SGX, and an exit offer will be provided to the company’s shareholders.

With the additional capital, Koh expects a significant ramp-up in turnover for the distribution business