SINGAPORE (Mar 12): Peter Koh, who was appointed CEO of Oceanus Group three years ago, is putting the painful and protracted restructuring of the company behind him and looking forward to what he hopes will be a new phase of growth. “We are in a new chapter, and this is going to be a very exciting phase. This is no longer about cleaning up; it is about growing. And, usually, growing is a lot more fun than cleaning,” says Koh in an interview with The Edge Singapore.

On Dec 26 last year, Oceanus completed a debt restructuring plan that saw more than 19.6 billion new shares being issued at 0.395 cent each to creditors as well as new and existing investors. While that wiped out the company’s crippling debt load of RMB368.9 million ($76.6 million), it increased Oceanus’ outstanding shares by more than five times to 24.3 billion, resulting in massive dilution for investors who were holding the stock.

Among the investors to whom new shares were issued was Koh himself. He now holds just over 10% of the company’s outstanding shares. As at Dec 31, Oceanus had a net asset value (NAV) of 0.33 cent per share, versus negative 10.44 cents per share a year earlier. The company was also in a net cash position of RMB114 million, which Koh says will put it in a strong position to expand under a new business model.

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