Friday, June 22, 2012
Oceanus: Substantial shareholder Ng Cher Yew and Bestglobal Enterprises have agreed to transfer 22.1% of total sh/h in co to a individual Yu De Hua for a property which co is using as one of its farms in China. A definitive agr will be prepared once co decides to exercise the right to acquire the property. The shares and land exchange were part of a settlement agreement in connection with the reverse takeover exercise involving the acq of Oceanus Bio-Tech Hldgs. Cher Yew Ng holds abt 10.75% and BestGlobal holds abt 22.1% before this. Interestingly, from the announcement, the substantial sh/hs do not appear to own the land after the transaction with ownership of the land seeminingly resting with Oceanus instead.