SINGAPORE (June 15): Seafood supply chain manager Oceanus Group has been granted an extension to exit the Singapore Exchange’s (SGX) watch list.
With effect of the extension, Oceanus now has till Mar 1, 2021, to meet the financial criteria of exiting the SGX watch list. Failing which, the company will be delisted from SGX, and an exit offer will be provided to the company’s shareholders.
Previously, Oceanus had until June 30 to meet the financial exit criteria.
In a Monday filing, the company highlighted that its current management team, which took over in 2015, managed to resolve various legacy issues that “hindered” its financial performance over the years.
Oceanus reported its first full-year profit in five years in FY17 on Mar 1, 2018.
See: Oceanus reports first profit in five years; turns net cash positive
The company added that it has embarked on an expansion plan in 2018 to build a resilient and profitable position.
“Given more time, [the company] will be able to realise long-term and resilient profits even in the face of uncertainty brought about by the ongoing Covid-19 pandemic and further economic headwinds,” it says.
Shares in Oceanus closed flat at 0.3 cent on Friday.
