Oceanus Group

Seafood supply chain manager Oceanus has entered into a memorandum of agreement with WSRC Holding that will greatly expand its abalone and seafood business in China.

Oceanus said in a statement yesterday that the move would boost distribution of its seafood products, in particular.

As part of the deal, WSRC has agreed to buy 250 cartons of Oceanus' canned abalones or a sales equivalent of $250,000, whichever is higher. WSRC also agreed that it would buy at least 500 cartons or the sales equivalent of $500,000, whichever is higher, from Oceanus before June 13 next year.

WSRC will also set up a retail outlet in Chengdu to sell Oceanus products by this year. The two companies intend to jointly develop a first-of-its-kind seafood market concept, targeting the Chinese consumer market.

Yongnam Holdings

Steel contractor and engineering company Yongnam has won four contracts worth $36.2 million. All are for projects in Singapore, including specialist civil engineering works for facility building and tunnelling for the Thomson-East Coast Line, it said yesterday.

It also won a contract to supply and install earth-stabilising structural works for the development of Changi East, which will encompass the future Terminal 5 at Changi Airport. The project is targeted for completion in the fourth quarter of next year.

HRnetGroup

Recruitment agency HRnetGroup's initial public offering received a strong response from investors.

Its placement tranche of 85.682 million shares was approximately 13.17 times subscribed due to strong demand from international and local institutional investors.

Its public offer of 3,359,200 shares at 90 cents each was approximately 68.34 times subscribed by retail investors.

Trading debuts on the mainboard at 9am today.