December 26, 2024
Singapore-based Oceanus projects US$10.5 million gain from sale of aquaculture farm in China
Singapore-based Oceanus Group has announced plans to sell four plots of aquaculture farming land in Fujian province, China, through its wholly owned subsidiary Oceanus (China) Aquaculture.
The sale, valued at RMB 100 million (approximately US$19.2 million), is expected to result in a US$10.5 million gain for the group.
The buyer, who is engaged in the aquaculture farming business, is an existing tenant of one of the plots. The four plots of land collectively carry a book value of US$8.7 million as of June 30, 2024.
Oceanus stated that the transaction represents an opportunity to realise the value of a non-core asset at a price exceeding its recorded value. The land is currently leased and does not play a role in the group's operational activities.
Proceeds from the sale will be directed towards general working purposes, according to the group.
Shares in Oceanus closed at US$0.06 on December 23, 2024.
- The Edge Singapore
