SINGAPORE (June 26): Alacrity Investment Group has become the largest shareholder in Oceanus Group following a married deal earlier today.
Alacrity Investment Group, an existing major shareholder, paid $3,208,913 for 1,782,729,444 shares. That works out to an average of 0.18 cent each. It now owns 3,532,729,444 shares, or 14.54%, up from 7.2% previously.
The price Alacrity paid is at a significant discount to Oceanus’ closing price of 0.4 cents today.
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).
Alacrity plans to work with Oceanus to expand its aquaculture businesses.
According to Oceanus’ FY2019 annual report, as at May 29, OWIL held 19.7% of the company. Peter Koh, the CEO, held 10.23%.
Oceanus last went through a successful restructuring in 2017 under Koh. Since then, it has established four growth pillars – Aquaculture, Distribution, Services, and Innovation.
The group’s revenue more than doubled to RMB49.0 million (S$9.6 million) in FY2019 from RMB 20.7 million in FY2017.
On June 15, Oceanus was granted an extension to exit the Singapore Exchange (SGX)’s watch list by Mar 1, 2021.
"As OWIL has a mandate to exit its investment in Oceanus in the near term, we see this timely onboarding of the new long-term strategic investor as a vote of confidence in Oceanus,” says Koh.
“After the successful restructuring of the company, we have increased our presence to over 16 countries and seen a doubling in revenue year-on-year. We are confident that we are well on track to achieving our revenue target of $100 million during this build-up phase,” he adds.
“Under the current management, we have seen a significant transformation in Oceanus, from a debt-ridden company to one that is on track towards sustainable growth. As a long-term shareholder, we recognise the long-term growth potential and are excited about the Group’s future plans,” says an Alacrity spokesperson.
