Peter Koh, CEO of Oceanus Group, bought 12.5 million shares at an average of 4.07 cents each on March 15, paying just a total of $508,962.50

Koh, who has led the successful turnaround of the company, now holds nearly 2.5 billion shares, or 10.28%

Last Friday, March 12, the company refuted postings online and in chat groups alleging that the company’s management including Koh was in a pump and dump scheme in collusion with unnamed institutional investors.

“The above statement is not true and there is no basis for this statement. The company will also investigate the circumstances around the misleading information and pursue all legal avenues to protect its interest and shareholders, including but not limited to civil suits and lodging police report(s),” said Oceanus on March 12.

Other rumours refuted by the company includes accusations that its recent FY2020 earnings were inaccurate; the company is being probed by the police and that it wants to transfer from the Mainboard to the Catalist, and that it is seeking a mandatory trading suspension.

The company’s share price dropped from a peak of 7.8 cents on Feb 25 to as low as 2.3 cents on March 10. It was trading at below one cent last November.

Oceanus closed March 15 at 4.1 cents, up 13.89%.