<article><a href="http://www.dealstreetasia.com/tag/Oceanus-Group" target="_blank">Oceanus Group</a> gets $38 million from Chinese government who will acquire 13 of their abalone farms for urban planning while <a href="http://www.dealstreetasia.com/?s=EMAS+Offshore" target="_blank">EMAS Offshore</a> requests a voluntary suspension of shares on <a href="http://www.dealstreetasia.com/tag/SGX" target="_blank">SGX</a>.</article>

<a href="http://www.dealstreetasia.com/tag/Oceanus-Group" target="_blank">Oceanus Group</a> gets $38 million from Chinese government who will acquire 13 of their abalone farms for urban planning while <a href="http://www.dealstreetasia.com/?s=EMAS+Offshore" target="_blank">EMAS Offshore</a> requests a voluntary suspension of shares on <a href="http://www.dealstreetasia.com/tag/SGX" target="_blank">SGX</a>.
<h3 style="text-align: justify">Oceanus Group to get $38m compensation from the Chinese government for compulsory acquisition of farms</h3>
Oceanus said the Gulei Zhen People&#8217;s Government <a href="http://infopub.sgx.com/FileOpen/Oceanus%20Compulsory%20Acquisition%20Announcement.ashx?App=Announcement&amp;FileID=442224" target="_blank">plans</a> to compulsorily acquire 13 of its abalone farms for urban planning at a compensation price of $38 million.
In a filing to the Singapore Exchange, the group said the amount will be subject to, &#8220;adjustments and deductions for various charges and fees such as administrative charges, penalties, reinstatement costs, etc.&#8221;
The group also said it will continue to work with its consultants and advisors to minimise the various charges and fees and to maximise the net compensation amount.
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The acquisition will also not have a material impact on the group&#8217;s operation as they will relocate its existing operations to its farms in Fotan, People’s Republic of China, which are adequate for the it&#8217;s new business model of focusing on abalone hatchery which requires less farm land, instead of focusing on land-based abalone farming.
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&#8220;The Company intends to utilise the net compensation amount received from the Compulsory Acquisition to repay the total debt of S$20,000,000.00 remaining after the completion of the restructuring exercise described in the announcement on SGX-NET on 25 January 2017,&#8221; they said.
The remaining proceeds will go towards general working capital purposes and to fund the their growth strategies.
<h3 style="text-align: justify">EMAS Offshore to request for voluntary suspension of shares on SGX</h3>
EMAS Offshore, a subsidiary of offshore firm Ezra Holdings, said it will be<a href="http://infopub.sgx.com/FileOpen/EOL%20Announcement%20040317.ashx?App=Announcement&amp;FileID=442202" target="_blank"> requesting</a> for a voluntary suspension of its shares on the Singapore Exchange with effect from March 6.
The news comes after the Financial Supervisory Authority of Norway ordered the group, which is also listed on the Oslo Bourse, to suspend trading on March 3 until because it failed to release the audited annual report for 2016.
The deadline was due end-year of 2016 and the suspension will be lifted following the release of the report.
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Singapore: China to give $38m to Oceanus for compulsory acquisition; EMAS Offshore seeks voluntary suspension of shares on SGX

Singapore: China to give $38m to Oceanus; EMAS Offshore seeks voluntary suspension on SGX

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Singapore: China to give $38m to Oceanus; EMAS Offshore seeks voluntary suspension on SGX

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