Singapore-based Oceanus Group Ltd (歐聖集團), the world’s largest operator of abalone farms, said its new management team and new funding plan would help the company emerge from dire financial straits within one year.
Shares of the company’s Taiwan depository receipt (TDR) issuances closed at NT$2.11 yesterday — falling by the daily limit of 7 percent for the second consecutive trading day — with turnover down to only 1,000 shares.
The sharp decline was followed by a Taiwan Stock Exchange (TWSE) announcement that it would categorize the stock as a “full-cash delivery stock” on Wednesday, after an audit by a certified public accountant in Singapore of Oceanus’ financial results for last year was found to contain a disclaimer.
The move prompted the head of the company to come to Taiwan yesterday to explain its financial situation in a bid to stabilize investors’ confidence.
“I am confident the company can return to the right track in the second half of the year,” Oceanus chairman Ng Cher Yew (黃子耀) said in a press conference in Taipei.
Ng said unreasonably high operating costs and low-quality products were two major drags on the company’s finances last year, resulting in a cash-flow shortage.
However, the company replaced its management team at the end of last year to better control spending and develop new culture techniques to enhance the quality of its products, Ng said.
“Some improvement has been shown in the company’s financial results in the first quarter,” Ng said.
Oceanus posted 40 million Chinese yuan (US$6.3 million), or 0.02 yuan a share, in net losses for the first quarter, which was much smaller than the 720 million yuan, or 0.36 yuan a share, loss it recorded in the third quarter last year, company financial statistics showed.
In addition, Oceanus plans to raise S$20 million (US$15.7 million) to deal with cash flows. The fund has been set up by investors, and only awaits approval at an upcoming shareholders’ meeting, Ng said.
Ng said the company would continue to communicate with TWSE, adding that it hoped the bourse would remove the stock from the full-cash delivery category as soon as possible.
The company will hold its annual shareholders’ meeting in Taiwan on May 30.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors