Oceanus Group applies to exit SGX-ST watch-list

The company will now have to meet the specific financial exit criteria by 15 April.

Mainboard-listed Oceanus Group has submitted an application requesting to exit the watch-list of the Singapore Exchange Securities Trading Limited (SGX-ST), according to an exchange filing.

The group, which has been on the watch-list since 2015, has been granted four extensions to exit, with the most recent extension lasting 19 months until 1 March. Oceanus said it will update its shareholders on the results of the application.

SGX-ST approved on 11 March the company’s application to extend its time to meet the financial exit criteria by 15 April. Should it fail to meet the requirements of Rule 1314 of the listing manual to exit the watch-list, it will provide a “fair and reasonable” exit offer to its shareholders, and be delisted from the SGX-ST.

The offer also includes a cash alternative as the default alternative.