July 15, 2010

Oceanus Group seeks second filing on Taiwan stock exchange

Aquaculture production and abalone processing company Oceanus Group is to convert 150 million existing shares into Taiwan Depository Receipts or TDRs to be listed on the Taiwan Stock Exchange.

It is the second programme that Oceanus has undertaken.

The report says that the company is currently awaiting the necessary approvals from the Taiwan Financial Supervisory Commission, Executive Yuan and the Securities and Futures Bureau.

In an earlier stock exchange filing, Oceanus said the proposed second TDR programme will not result in dilution for existing shareholders.

Oceanus is the first Singapore firm to get listed on the Taiwan Stock Exchange in recent years and it hopes to tap into Taiwan's bigger capital market.

Breeding abalone in China has made the group the world's leading producer of the shellfish. Currently, 100% of its production comes from China - the world's biggest market for abalone.