Brief: Oceanus Group updates on compulsory acquisition of Abalone Farms

Oceanus

06/03/2017 24:18

March 6 (Reuters) - Oceanus Group Ltd  OCGL.SI  
    * 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:  ID:nSNZ9ldMKl  
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