Two companies have conditionally agreed to purchase Apollo Aquaculture Group’s (AAG) multi-storey fish farm in Lim Chu Kang for a fraction of its initial value.

The sale, which was reported by the Straits Times, came after the company, backed by Temasek Life Sciences, struggled financially and was placed under judicial management in May 2022.

The fish farm, owned by AAG’s subsidiary Apollo Aquarium, was built at a cost of S$65 million but has now been sold to local construction firm HPC Builders and Aquachamp, an investment holding company with ties to the fish farming industry. HPC Builders will acquire 70% of the equity, while Aquachamp will purchase the remaining 30%.

The acquisition price for HPC Builders is capped at S$3.5 million, significantly lower than the facility’s book value of S$44 million as of 31 March 2024.

This transaction remains subject to approval from the Singapore Food Agency (SFA). The SFA declined to comment on the matter when approached.

Apollo’s eight-storey fish farming facility, which began operations in 2021, was initially seen as a breakthrough in addressing Singapore’s land constraints for agriculture.

The farm had ambitious plans to produce up to 2,700 tonnes of fish annually, including hybrid grouper and coral trout. However, delays in the completion of the farm led to escalating costs and financial troubles, causing the facility to cease operations in early 2023, well short of its production targets.

The company’s financial difficulties resulted in AAG being placed under judicial management, a form of debt restructuring aimed at helping financially distressed but potentially viable companies avoid liquidation. The appointment of an independent judicial manager allowed AAG to attempt to reorganise its operations, but the sale of Apollo Aquarium’s fish farm became a necessary part of the restructuring process.

According to Tan Wei Cheong, Deloitte Singapore’s strategy, risks, and transactions partner, the delays in completing the fish farm severely impacted AAG’s revenue streams and led to its financial collapse. Tan declined to comment further on the sale process, as the agreement is still being finalised.

AAG has five subsidiary companies, but only Apollo Aquarium remains active. The other four subsidiaries, which include Cube 2 (a water technology firm), Aquaworld Tropical Fish (focused on ornamental fish), Smart Hatchery, and Apollo Marine Seafood, have all entered liquidation.

The sale of Apollo Aquarium is seen as a low-cost entry for HPC Holdings, HPC Builders’ parent company, into Singapore’s aquaculture sector. Aquachamp, described as an experienced fish farm operator, will take charge of the facility’s management and operations. HPC Holdings expressed optimism about the long-term profitability of the venture, highlighting the potential for full production capacity to generate steady income and broaden its revenue base.

Aquachamp’s registered address shares a location with Max Koi Farm, a nearby ornamental fish farm in Lim Chu Kang. The two entities are linked through Ng Chuen Guan, who serves as a director of both Aquachamp and AAG. Ng also owns nearly 2.9 million shares in AAG.

Temasek Life Sciences, a subsidiary of Singapore’s investment company Temasek, indirectly holds a significant stake in AAG through TLS Beta, which owns 33.1% of the company. The largest shareholder, Ng Yong Hock Capital, owns 55.1% of AAG’s shares. Despite Temasek’s involvement, the company declined to comment on the sale when approached by The Straits Times (ST).

AAG’s debts, as of March 2024, stand at around S$35.4 million, according to a filing by HPC Holdings. Cargill TSF Asia, the financial services arm of agricultural giant Cargill, is listed among the company’s creditors.

The Monetary Authority of Singapore (MAS) has awarded Edelman Singapore a two-year social media contract, valued at S$682,800, with the option to extend the agreement for an additional year.

The tender was officially awarded on 14 October 2024, according to records from the Government Electronic Business (GeBiz) portal. Edelman was selected from a pool of 25 bidders, whose offers ranged from S$179,400 to S$1,071,360.

Edelman Singapore is led by Julia Wei, CEO, with Warren Fernandez, former Editor-in-Chief of The Straits Times and now CEO of Edelman Asia Pacific, overseeing regional operations.

Under the terms of the contract, Edelman will manage MAS’s social media presence, content production, strategy development, and performance reporting. MAS, Singapore’s central bank and financial regulator, aims to strengthen its engagement both locally and internationally through this partnership.

The social media agency will focus on various target audiences, including the general public, financial institutions, investors, academics, and other central banks.

Edelman will deliver at least six monthly posts across LinkedIn, X (formerly Twitter), and YouTube, amplifying MAS’s initiatives and enhancing its public image. The content will cover MAS’s activities, updates, and recruitment efforts, while positioning MAS as a prominent employer in the financial sector.

In addition to content creation, Edelman will develop an ongoing social media strategy that aligns with MAS’s broader communication objectives. The agency will provide monthly and annual reports, offering insights into audience demographics, post performance, and overall sentiment. These reports will help MAS refine its social media strategy and benchmark its efforts against other central banks and financial institutions.

The contract also includes crisis communication support, with Edelman providing 24/7 assistance in managing MAS’s public image during urgent situations. The agency will facilitate the timely release of statements and updates as needed.

Edelman’s role also includes handling content creation and production in various formats, such as infographics, GIFs, videos, and static images. The agency will work closely with MAS’s internal teams and external vendors to deliver high-quality content tailored for each platform. LinkedIn will be the primary platform, but Edelman will also repurpose content for X and YouTube to maximise reach and engagement.

To support MAS’s day-to-day social media operations, Edelman will manage all platforms seven days a week. This includes posting approved content, monitoring audience engagement, and addressing comments or queries promptly. The agency will provide daily updates to MAS and propose suitable responses where necessary.

Additional services outlined in the contract, which are chargeable only if the option is exercised, include photography and videography for MAS events, with edited images delivered within two hours and videos provided by the following day. Edelman will also create both simple and detailed infographics for MAS’s social media platforms, website, and media distribution.

This new partnership is expected to enhance MAS’s communication efforts and broaden its digital presence, both within Singapore and internationally. By leveraging Edelman’s expertise, MAS aims to remain connected with key stakeholders and strengthen its role in promoting Singapore’s financial sector.