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Oceanus proposes move to Catalist

LOSS-MAKING abalone producer Oceanus Group wants to move from the mainboard to the Catalist board, it said in a Singapore Exchange filing on Thursday.

Transferring to the junior Catalist board would give it "a more suitable platform" for the listing and trading of its shares, as well as a "more conducive platform" for fundraising and potential acquisitions or disposals, it said.

The move is subject to the approval of the bourse and of Oceanus shareholders, it noted, adding that it would apply to the SGX for the transfer "in due course".

It also said that it was in talks with Stamford Corporate Services to be appointed as the company's continuing Catalist sponsor.

The announcement came after Oceanus announced in the morning that it had completed its restructuring of about S$64.4 million of loans and almost three billion warrants on Sept 2.

Oceanus shares closed flat at S$0.008 on Thursday.