Link: https://links.sgx.com/1.0.0/corporate-announcements/JIAHWH4FYSWXFTJ6/02d2605370a05f9198b177b4c15e23982218a52be68f8d0e9fe00f4598d96067

Summary:

• OceanScape International is selling two wholly-owned insurtech subsidiaries—1Care Global and V2Y Insurtech—for a nominal consideration of S$1 to Singaporean businessman Jeffrey Chua Wen Hai

• The subsidiaries have accumulated operational losses of S$883,000 over three years and carry a negative net book value of S$1.594 million as of 1H2025

• The company will absorb S$134,000 in outstanding obligations including unpaid salaries, professional fees, and bank loan repayments, plus waive S$1.08 million in inter-company loans

• Despite the nominal sale price, the disposal improves OceanScape's net tangible assets from negative S$712,000 to positive S$748,000 on a pro forma basis

• The transaction allows the group to exit the insurtech sector and redirect resources toward newly adopted business lines in renewable energy generation, electricity sales, and commodities trading

• Shareholder approval is required at an extraordinary general meeting as the disposal constitutes a major transaction under Singapore Exchange listing rules