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BRIEF-Oceanus Group updates on compulsory acquisition of Abalone Farms
March 6, 2017 / 1:01 AM / 9 months ago

BRIEF-Oceanus Group updates on compulsory acquisition of Abalone Farms

March 6 (Reuters) - Oceanus Group Ltd

* On 2 march 2017, oceanus aquaculture limited received from prc authority duly executed compensation agreements

* Gross aggregate compensation amount stated in compensation agreements is rmb182.5 million

* Company intends to utilise net compensation amount received from compulsory acquisition to repay total debt of s$20 million

* Has been informed of intention of gulei zhen people’s government to compulsorily acquire 13 Abalone Farms of Oceanus (China) Aquaculture

* Proceeds from compulsory acquisition are expected to be recognized in financial year ending 31 dec 2017

* “Compulsory acquisition will not have a material impact on company’s operations”

* Company will relocate its existing operations to its farms in fotan, People’s Republic Of China Source text for Eikon: Further company coverage:

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