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China to acquire 13 Oceanus abalone farms for urban planning

Singapore

THE board of seafood company Oceanus Group on Monday said that it has been informed by the Gulei Zhen People's Government in China of the latter's intention to compulsorily acquire 13 of its abalone farms for urban planning.

The company has received compensation agreements which detail the compensation amount as well as the further steps involved for the completion of the acquisition process.

The gross aggregate compensation amount stated was 182.5 million yuan (S$38 million), subject to adjustments...

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