Oceanus to revise FY2017 statements, applies for extension of AGM deadline

ABALONE producer Oceanus Group is reviewing its financial statements for FY2017 to ensure alignment with Section 202A of the Companies Act and relevant accounting standards.

As part of the revision exercise, the group will engage independent auditors and valuers. It is targeting to complete the exercise within the next two months.

The review will affect the company's FY2018 statements. As a result, Oceanus has applied for an extension of time to hold its annual general meeting (AGM). The AGM was due to take place by Apr 30. The firm has proposed to extend the deadline to June 28, 2019.

Oceanus also intends to apply for a further extension of time to fulfil the financial exit criteria that will take it off the Singapore Exchange's (SGX) watch list.

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. On March 6, 2018, it was given a six-month extension to June 2, 2018 to meet the requirements to exit the watch list (financial criteria).