Green Ocean Corporation Berhad ("Green Ocean" or the "Company") is a public limited liability company incorporated in Malaysia and has been listed on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") since year 2005.
Green Ocean serves as an investment holding company, with its subsidiaries (collectively referred to as the "Group") primarily engaged in the distribution and trading of food and beverages ("F&B") products.
Historically, the Group was principally involved in the production of crude palm kernel oil ("CPKO") and the trading of refined palm oil products and CPKO. However, due to persistently low CPKO market prices and weak demand in recent years, the Group has ceased its palm oil business.
On 4 April 2024, the Company entered into a Share Sale Agreement with Wilee Vegetable Oils Sdn. Bhd. for the disposal of its entire 100% equity interest, comprising 37,000,000 ordinary shares in Ace Edible Oil Industries Sdn. Bhd. ("AEOI") for a total consideration of RM100,000. Upon completion of the transaction, AEOI ceased to be a subsidiary of the Company.
The rationale behind the disposal was to restructure and streamline the Group's operations for improved efficiency, reduced administrative costs, and to support the Group's ongoing efforts to enhance shareholder value.
Prior to its entry into the F&B industry, the Group faced challenges in growing its legacy businesses. As part of a strategic shift to diversify and expand its earnings base, the Group began distributing frozen meat to food ingredient traders and retailers, making its initial move into the F&B sector.
To formalise its participation in the F&B business, the Group incorporated a wholly owned subsidiary, Ace Distributions Sdn. Bhd. ("ADSB"), on 3 January 2022. Further aligning with its expansion plans, Ace Green Energy Sdn. Bhd., another wholly owned subsidiary, was renamed Ace Pacific Sdn. Bhd. ("APSB") on 16 May 2023, APSB commenced operations on 18 May 2023, focusing on the trading, retail, distribution, import, and export of a wide range of food and beverage products.
Subsequently, on 21 July 2023, shareholders approved the Group's proposed diversification into the F&B sector at an Extraordinary General Meeting.
Currently, the Group remains focused on the F&B business, including the distribution of frozen processed food and the trading, import, and distribution of alcohol-related products.
Additionally, on 13 September 2024, the Board of Directors approved a change in the Company's financial year end from 30 September to 31 March. As a result, the current reporting period covers an 18-month financial period from 1 October 2023 to 31 March 2025, compared to the prior financial period, which covered the period from 1 July 2022 to 30 September 2023.
