KUALA LUMPUR: Oasis Harvest Corporation Bhd, a Bursa Malaysia-listed F&B company, has acknowledged Bursa Malaysia’s public reprimand over the cancellation of a 2023 rights issue, which took place before its rebranding from Dolphin International Bhd.
Oasis Harvest reaffirms its commitment to strong corporate governance, transparency, and increasing shareholder value.
The rights issue, announced in May 2023 under Dolphin International’s previous management, led to major changes in the company.
The company said a newly appointed board of directors has since implemented enhanced internal controls and governance frameworks, ensuring all future corporate exercises align with best practices and prioritise shareholder interests.
Since rebranding as Oasis Harvest in July 2024, the company has undertaken strategic initiatives to fortify its financial standing and recover from past challenges.
Among these initiatives, Oasis Harvest has actively pursued legal and financial measures to recover compensation related to the challenging acquisition of High Reserve F&B Sdn Bhd.
Additionally, the company 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 Oasis Harvest’s financial performance, as reflected in its latest financial results.
“While the reprimand pertains to a corporate exercise predating the restructuring of Oasis Harvest, we fully respect and acknowledge the importance of regulatory compliance,” said Oasis Harvest managing director Ch’ng Eu Vern said.
“Since our transformation, we have taken decisive steps to reinforce corporate governance, ensuring greater transparency, accountability, and responsibility in all decision-making processes,” he said.
Ch’ng further emphasised that Oasis Harvest is now fundamentally different from its past structure, and the company’s focus is firmly on sustainable growth.
“With a revitalised strategy, a robust governance framework, and successful capital-raising efforts, we are well-positioned to continue building momentum and delivering value to our shareholders,” he said.
In its 3-month financial period ended Dec 31, 2024, Oasis Harvest recorded RM4.34 million in revenue and RM1.83 million in profit attributable to ordinary equity holders, which represented RM0.71 million and RM2.87 million increases compared to the 3-month financial period ended Dec 31 2023.
Oasis Harvest remains dedicated to its long-term growth strategy within the F&B, travel, leisure, and hospitality sectors.
The company is committed to executing initiatives that foster sustainable growth, enhance shareholder value, and strengthen investor confidence.
Oasis Harvest will maintain clear and transparent communication with stakeholders, ensuring all corporate decisions are made with integrity and accountability.
Ch’ng said Oasis Harvest have taken decisive steps to reinforce corporate governance, ensuring greater transparency, accountability, and responsibility in all decision-making processes.
