Oceanus swims out of the SGX watch-list net

The food tech company has been on the watch list since 2015.

Oceanus Group Limited announced that the company has applied for the exiting of Singapore Stock Exchange's (SGX) watch list. 

The company found itself on the watch list almost six years ago, on 14 December 2015. An application was made to exit the watch list, to take effect on 29 September 2021.

To remove itself from the list, the group recorded growth over the past year as a result of realigning the strategy to build its global supply chains. Total financial revenue surged 553% year-on-year to reach $52.5m, from the $8m. Net profit also saw a rise by 597% to $5m, from $700,000 in the first half of 2020.

Peter Koh, CEO, Oceanus, said that this was a result of last year’s efforts to deliver profitability. “Indeed, we have consistently delivered profitability since last year, driven by our four synergistic growth pillars. We are well-placed to continue our growth path to drive further business expansion through our Food Production, Distribution, Services and Innovation divisions by tapping on strategic partnerships, and the creation of new revenue streams."

To further supplement the exit, the company will also provide documents to SGX-ST for their exit application.