Oceanus expects to book a $10.5 mil gain from the sale of its aquaculture farm in China.

Oceanus Group announced that its wholly-owned subsidiary Oceanus (China) Aquaculture will be selling four plots of land used for aquaculture farming in Fujian Province, China for RMB 100 million ($19.2 million). The purchaser is in the aquaculture farming business and is an existing tenant of one of the plots.

The four plots of land carry a total value of $8.7 million as at June 30. Hence, the expected gain on the disposal amounts to about $10.5 million.

According to the group, the sale provides a good opportunity to realise value of a non-core asset at a consideration exceeding the book value of the property. The property is currently leased and not used for the group’s operations.

The proceeds from the sale will be utilised for general working purposes.

Shares in Oceanus closed at 0.6 cent on Dec 23.