Oculus has entered into a reverse takeover agreement with waste recycling and carbon credit firm Aretae in a deal worth S$600 million ($410 million), the former contact lens maker said in a statement on Tuesday.

As part of the deal, Oculus said it would issue 1.2 billion shares at S$0.50 each to key Aretae shareholders, who would provide a guarantee of at least S$50 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 said.

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.

Oculus said it would apply for a transfer for listing on a new board to be set up by the Singapore Exchange.

Shares of Oculus will resume trading at 2 p.m. on Tuesday.

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