The SGX-ST has approved Oceanus’ application to further extend its time to meet the financial exit criteria by April 15.

Should the company not 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.

SEE:Oceanus posts record revenue; reverses from net loss a year ago to net profit of $8.6 mil for FY20

Oceanus will not receive any further extension should they fail to meet the criteria by the new deadline.

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Shares in Oceanus closed 0.6 cent higher or 26.1% up at 2.9 cents on March 11.