Oceanus buys majority stake in media & marketing agency for $0.4 mil

SINGAPORE (Mar 20): Seafood supply chain manager Oceanus Group’s subsidiary, Oceanus Investment Holdings, has acquired a majority 51% stake in AP Media for $0.4 million from sole owner and director Tan Guan Cheong.

This leaves Tan with a remaining 49% interest in AP Media.

Previously known as Digimatic Creative, AP Media is a media and marketing solutions agency specialising in video and content marketing as well as interactive media.

Its subsidiary Capy Comm is an integrated marketing business solutions consultancy incorporated in Feb 2018.

As part of the sale’s conditions, Kee Wei Kai, the previous owner of a 49% stake in AP Media’s subsidiary Capy Comm, has transferred his shareholdings in the subsidiary back to AP Media.

In a filing on Tuesday, Oceanus says its acquisition is in line with the group’s business plans to further establish its marketing capabilities.

This will benefit not only Oceanus’ growing fast-moving consumer goods segment, but also contribute to the group’s overall profitability through the provision of third-party marketing, media and consulting services, it adds.

Based on AP Media’s unaudited financial statements as at end-Dec 2018, net profits attributable to the 51% stake that Oceanus now hold amount to $67,806.

This means the acquisition would not have had an effect on Oceanus’ NTA and EPS per share for FY2018 should it have been completed on Dec 31 last year.

Shares in Oceanus closed flat at 0.3 cent on Tuesday.