Temasek-backed fish farmer Apollo Aquaculture in judicial management

FISH farm Apollo Aquaculture Group is currently in judicial management, according to a filing with the Accounting and Corporate Regulatory Authority (Acra).

The company was reported in 2021 to be building a S$65-million multi-storey fish farming facility. It was to have started operations in the first quarter of 2021, and achieve a total annual output capacity of 2,700 tonnes of fish by 2023.

The facility had been developed by state-owned consultancy Surbana Jurong. Located at 200 Neo Tiew Crescent, it covered 55,214 square metres of gross floor area, said an October 2021 report by the consultancy.

Based on Acra data, Apollo’s largest shareholder is Ng Yong Hock Capital. It held 43.3 million shares in the company as at May 18, 2020.

The company has 78.6 million shares in issue, of which 52.6 million are ordinary shares and 26 million are preference shares.

The second-largest shareholder is TLS Beta, which holds all the preference shares. A filing with the United States Securities and Exchange Commission shows TLS Beta’s beneficial owner is Temasek-owned Fullerton Management.

According to the Acra filing, TLS Beta’s issued shares represented issued capital of S$35 million. The ordinary shares represented issued capital of S$21.2 million.

Apollo’s current directors are Phua Bo Wen, Yeo Yeow Hwee, and Ng Chuen Guan. Ng owns 2.9 million shares of Apollo.

Attempts by The Business Times to reach out to representatives of the company were unsuccessful.