Drew & Napier acted successfully for Oceanus Group Limited in the last six years on its turnaround which culminated in its exit from the SGX watchlist
30 Sep 2021
Drew & Napier has successfully acted for Singapore homegrown aquaculture and food tech company, Oceanus Group Limited (“Oceanus”) in the last six years on its turnaround which culminated in its exit from the SGX watchlist with effect from yesterday, 29 September 2021.
For Oceanus, the exit marks a major corporate milestone for the company. It represents one of the rare successful turnarounds in the Singapore restructuring scene that saw Oceanus go from near-liquidation to a market capitalisation in excess of S$1 billion as at the time of print today through concerted restructuring efforts than spanned six years. Oceanus’ exit also represents the first time in the history of the SGX, where a company has successfully achieved a complete turnaround.
The firm advised Oceanus on a multi-phase restructuring engagement that created a new platform for recovery and growth for the company. After the debt restructuring plan received 100% creditor approval, Oceanus embarked on a multi-geographical and multi-sector business restructuring that has seen seed capital of S$6 million for the turnaround appreciate more than 40 times.
Advising Oceanus are Directors Julian Kwek and Rakesh Kirpalani, Senior Associates Benjamin Foo, Joshua Chin, Ervin Seng and Wang Jiayan.