SINGAPORE - Abalone producer Oceanus Group, through its subsidiary Oceanus Investment Holdings (OIH), has completed the purchase of a 51 per cent stake in AP Media, a video marketing firm.
This was for around $400,000 in cash, funded by the group's internal resources, it said in a bourse filing on Tuesday night (March 19).
Oceanus Group said the acquisition is aligned with its business plans to further bolster its marketing capabilities. This would not only benefit its fast-moving consumer goods segment, but also contribute to overall profitability from third-party marketing, media and consulting services, it added.
The purchase consideration took into account the operating track record and future potential of AP Media, and was arrived at on a willing buyer willing seller basis.
Former owner of AP Media, Tan Guan Cheong, who now holds 49 per cent of its remaining shares, is not related to any of Oceanus' directors, chief executive officer, controlling shareholders or their respective associates.
The acquisition was conditional upon Mr Tan transferring his entire stake in Malaysia-incorporated AP 360 Marketing to AP Media, and Mr Kee Wei Kai transferring the 49 per cent stake in Capy Comm to the same. AP Media now fully owns Capy Comm, Oceanus Group's marketing and media consulting subsidiary which it incorporated in Feb 2018. Oceanus Group's 51 per cent stake in Capy Comm remains unchanged.
in a separate bourse filing on Tuesday, Oceanus Group said that it has struck off wholly-owned subsidiary Oceanus Australia Abalone World, after it completed settlement terms. The subsidiary was formerly known as BNY Abalone World Factory Outlet.
Oceanus Group added that the strike-off is not expected to have any material impact on the net tangible assets or earnings per share of group for the financial year ending Dec 31, 2019.
Oceanus Group shares traded flat at $0.003 apiece on Tuesday.