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For Oceanus minorities, relief comes too late

The company's debt restructuring offers hope, but minority shareholders recall when the stock was worth barely a cent. In these businesses, nature and luck play their hand

Angela Tan

Published Thu, Dec 28, 2017 · 09:50 PM

oceanus group

OCEANUS Group, touted as the world's largest land-based abalone producer, may have escaped yet another financial crisis with its latest debt-restructuring exercise.

Three days before Christmas, shareholders of the abalone and premium seafood supplier, which has been on the Singapore Exchange (SGX) watch list since December 2015, approved its debt-restructuring exercise at an extraordinary general meeting.

In this latest exercise, some 19.7 billion new shares will be issued at S$0.00395 a share. It will clear S$71.8 million, …

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