According to the group, the sale provides a good opportunity to realise value of a non-core asset at a consideration exceeding the book value of the property. The property is currently leased and not used for the group’s operations.
Oceanus Group announced that its wholly-owned subsidiary Oceanus (China) Aquaculture will be selling four plots of land used for aquaculture farming in Fujian Province, China for RMB 100 million ($19.2 million). The purchaser is in the aquaculture farming business and is an existing tenant of one of the plots.
The four plots of land carry a total value of $8.7 million as at June 30. Hence, the expected gain on the disposal amounts to about $10.5 million.
