A trio of independent directors including two recently appointed ones at Oceanus Group have bought shares via off-market deals. They are Edward Loy Chee Kim; Zahidi Bin Abd Rahman and Yaacob Bin Ibrahim, a former minister. Zahid joined the board in June while Yaacob joined only on Sept 1. Loy, meanwhile, has been on the board since May 2018. On Nov 17, via off-market deals of the same size and same price, they each acquired 10,526,315 shares for $178,947, which works out to be 1.67 cents each. With the Nov 23 closing price at 2.9 cents, the directors are in the money.

Oceanus was previously an abalone farmer that nearly went under but after years of restructuring led by CEO Peter Koh, the company has since changed its business model. It is now diversified into abalone distribution and is also making moves into urban farming. For the three months ended Sept 30, the company reported earnings of RMB2.5 million ($510,472), reversing from losses of RMB1.37 million a year earlier. Revenue rose more than sevenfold to RMB135 million.

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