Oceanus gets another six months to meet criteria to exit watch list

One of Oceanus Group's land-based abalone farms in China.
One of Oceanus Group's land-based abalone farms in China.PHOTO: OCEANUS GROUP

SINGAPORE - Seafood supply chain manager Oceanus Group on Tuesday night (March 6) said that the Singapore Exchange has granted the company an extension of up to six months to June 2, 2018, to meet the criteria to exist its watch list.

The company believes that it has satisfied the financial exit criteria based on its unaudited FY17 results, and expects to finalise the consolidated audited FY17 accounts at the upcoming annual general meeting.

The financial exit criteria requires the company to record a consolidated pre-tax profit for the most recently completed financial year, and achieve an average daily market capitalisation of at least S$40 million over the last six months.

Prior to the waiver, Oceanus had until Dec 14, 2017, to meet the financial exit criteria, failing which it could be delisted or see trading in its shares suspended.

Oceanus had not satisfied the financial exit criteria based on its consolidated audited accounts for the financial year ended Dec 31, 2016.

"The application is necessary to provide the group with sufficient time to satisfy the financial exit criteria. At the date of the application, the company had considered that the operating profit of the company for the financial statements for nine months ended Sept 30, 2017 announced by the company on Nov 13, 2017 was approximately RMB57,000."