Oceanus Group files application with SGX to be removed from watch-list for the fulfilment of the financial exit criteria

SINGAPORE-LISTED abalone producer Oceanus Group on Friday evening announced that it has applied to the Singapore Exchange (SGX) to exit the bourse's watch-list for the fulfilment of the financial exit criteria - rule 1314(1) of the listing manual.

SGX's financial exit criteria indicate that firms may be removed from the watch-list if they record consolidated pre-tax profit for the most recently completed financial year, and post an average daily market capitalisation of at least S$40 million over the last six months.

Oceanus was first placed on the watch-list on Dec 14, 2015 and was given a six-month extension from Dec 2, 2017 to meet the requirements to exit from the watch-list (financial criteria) on March 6.

The company said in a filing with the SGX that it will update shareholders on its watch-list exit application in due course.

Oceanus shares finished S$0.001 or 11.1 per cent lower at S$0.008 on Friday before the announcement.