MAIN Board-listed food & beverage (F&B) player Oasis Harvest Corporation Bhd has reiterated its unwavering commitment to robust corporate governance, transparency and continuous drive to enhance shareholder value.
This follows a public reprimand by stock market regulator Bursa Malaysia Securities Bhd concerning the termination of its 2023 rights issue exercise which occurred before the company’s re-branding and transformation from Dolphin International Bhd.
“While the reprimand pertains to a corporate exercise predating the restructuring of Oasis, we fully respect and acknowledge the importance of regulatory compliance,” commented Oasis Harvest’s executive director Ch’ng Eu Vern.
“Since our transformation, we have taken decisive steps to reinforce corporate governance by ensuring greater transparency, accountability and responsibility in all decision-making processes.”
The said rights issue announced by previous management Dolphin International in May 2023 had led to significant changes within the group.
A newly appointed board of directors has since implemented enhanced internal controls and governance frameworks, thus ensuring all future corporate exercises align with best practices and prioritise shareholder interests.
Since its re-branding as Oasis Harvest in July 2024, the group has undertaken strategic initiatives to fortify its financial standing and recover from past challenges.
Among these initiatives, Oasis has actively pursued legal and financial measures to recover compensation related to the challenging acquisition of High Reserve F&B Sdn Bhd.
Additionally, the group has successfully raised equity funds through a private placement exercise which has supported business expansion and operational improvements.
These efforts have contributed to a turnaround in the group’s financial performance as reflected in its latest financial results.
“Oasis today is fundamentally different from its past structure with our focus now firmly on sustainable growth,” stressed Ch’ng.
“With a re-vitalised strategy, a robust governance framework and successful capital-raising efforts, we are well-positioned to continue building momentum and delivering value to our shareholders.”
Oasis posted a RM4.34 mil revenue and a net profit of RM1.83 mil profit in its three-month financial period ended Dec 31, 2024 which represented RM710,000 and RM2.87 mil increase respectively from the three-month financial period ended Dec 31, 2023.
At 3.17pm today (March 24), Oasis was untraded at 18.5 sen, thus valuing the company at RM27.2 mil. – March 24, 2025
