SINGAPORE (July 7): 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.
At the time, issues included unascertainable biological asset mortality losses, lack of internal controls and corporate governance framework, insufficient evidence on rights of ownership of assets and farms in China, and significant doubts in the company’s ability to continue as a going concern.
Since the group’s new management team took over in 2015, the team have taken steps to build corporate governance.
See: Oceanus completes restructuring, prepares for growth, contemplates diversification
“Oceanus maintains a high level of board independence, with 60% comprising of independent directors, and has appointed an independent director to head its audit committee,” said the group in a Tuesday statement.
The group has also pledged to uphold high standards of corporate transparency by actively engaging shareholders through the Securities Investors Association (Singapore)’s platform.
Through its four growth pillars, the group achieved its first operational profit in FY2017.
On June 15, Oceanus was granted an extension to exit the Singapore Exchange (SGX)’s watch list by Mar 1, 2021.
See also: Oceanus Group has till March 2021 to meet SGX watch list criteria
On June 26, the group obtained the support of Alacrity Investment Group, who became its largest shareholder following a $3.2 million married deal.
See also: Alacrity Investment Group is Oceanus' largest shareholder following $3.2 million married deal
As at 1.30pm, shares in Oceanus Group were trading flat at 0.6 cent.
