Singapore’s Oculus Takes over Aretae recycling facility

Singapor | Oculus, a former contact lenses manufacturer from Singapore, says it has entered into a reverse takeover agreement with waste recycling and carbon credit firm Aretae in a deal worth US$410 million (Euro 282 million).
As part of the deal, Oculus will issue 1.2 billion shares at US$0.34 (Euro 0.24)each to key Aretae shareholders, who would provide a guarantee of at least US$34 (Euro 0.24) million in total earnings for 2008 and 2009.
Aretae has waste recycling projects in China, Singapore, Malaysia, Indonesia and Vietnam, with 30 greenhouse gas reduction projects that are expected to generate 50 million tonnes of carbon credits, Oculus says. Firms and countries with targets to cut emissions under the Kyoto Protocol may buy credits from such projects to cut greenhouse gases in developing countries.