Our History & Milestones
See how we have transformed from an Abalone Hatchery to a FoodTech Company focusing on Food Security & Sustainability
OCEANUS GROUP LIMITED LISTED ON SGX
1ST AUDIT DISCLAIMER
Due to unascertainable biological asset mortality losses, lack of internal controls, corporate governance framework, and insufficient evidence on rights of ownership of assets and farms in China.
OCEANUS ABALONE FARMS WERE DAMAGED BY TYPHOON USAGI
Trading was suspended due to abnormal abalone deaths
DEFAULTED ON TOTALLING DEBTS S$94 MILLION
With a negative net asset position of approximately S$66 million. Creditors assumed full control over Oceanus' farming assets and began debt enforcement proceedings.
MR PETER H. K. KOH, PBM APPOINTED AS GROUP CEO TO SPEARHEAD OCEANUS' TURNAROUND
Outlined cost-cutting measures and commenced our transition to hatchery business model
OUTLINED PROGRESS IN TURNAROUND STRATEGIES
• Successful transition of business model from farming to hatchery Securing of first Original Equipment Manufacturer (OEM) sales order
• 60% reduction in overheads and expenses
Launched Oceanus Abalone for shareholders. Regained control of farms.
COMPLETED DEBT RESTRUCTURING EXERCISE
And eliminated all debt through cash repayments and debt-to-equity conversion. Received $$6 million in fresh equity injection, resulting in a net asset positive position.
REVAMPED OUR STRATEGY WITH 4 PILLARS OF GROWTH
To build sustainability today for the security of tomorrow, we believe in building a synergistic ecosystem through our 4 Pillars of Growth, to empower our partners in collaborative innovation that makes an exponential impact as a group.
INCORPORATED ASIA FISHERIES (FKA OCEANUS FEED)
To expand our seafood range and distribution markets.
AQUIRE AP MEDIA
To support our digital media needs.
Long-term strategic shareholder, Alacrity Investment Group Limited acquired a significant stake in Oceanus. This represented the exit of Oceanus' last major ex- creditor and
HERALDED CONFIDENCE IN ITS LONG-TERM GROWTH STRATEGY.
1ST 'CLEAN' UNQUALIFIED AUDIT STATUS
that marked the successful resolution of all legacy iss that caused disclaimer of opinion from FY2011-FY201
ACHIEVED A NET PROFIT GROWTH OF S$8.6Million
and record-high revenue of $$91.7 million, the highest turnover since our listing in 2008.
INCORPORATED SEASON GLOBAL TRADING
To access new geographical markets
SGX WATCHLIST EXIT
THE CLOSING OF A CHAPTER
The first time in SGX-ST's history, whereby a company achieves a successful turnaround.