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Oceanus to get $38 mil in compensation for farms acquired by China government

Dannon Har Published on Mon, Mar 06, 2017 / 12:12 PM GMT+8

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SINGAPORE (March 6): Oceanus Group says the Gulei Zhen municipal government in China plans to compulsorily acquire 13 of its abalone farms for urban planning.

The gross aggregate compensation amount stated in the agreement is estimated at RMB 182 million ($38 million) but is subject to adjustments and deductions for various charges and fees such as administrative charges, penalties and reinstatement costs.

The farms are held by Oceanus’ wholly-owned subsidiary, Oceanus (China) Aquaculture.