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Largest shareholder exits from USP Group, transfers 14% stake to CEO

THE single largest shareholder of watch-listed USP Group has parted with all her shares and resigned from the board to pursue other interests.

Weng Huixin, a non-executive and non-independent director of USP, owned close to 20 million shares or 22.11 per cent of USP until she tendered her resignation on Tuesday. 

On the same day, she transferred a 14.18 per cent stake in the company or 12.8 million shares to Sunmax Global Capital Fund 1 as "full and final settlement of liabilities". 

USP executive chairman and chief executive Tony Li Hua is the sole director of Sunmax.

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Mdm Weng disposed of the rest of her shares for S$824,18 in off-market transactions at S$0.115 per share. She notified USP on Tuesday that she would resign to pursue other interests. Her effective date of cessation will be April 11, after a month's notice period.   

Separately, chief financial officer Nah Ee Ling also pared her stake in USP from 2.01 per cent to 0.33 per cent in off-market transactions at S$0.115 per share.

Oon Koon Cheng raised his stake from 14.57 per cent to 28.83 per cent by acquiring close to 12.9 million shares off-market for S$1,479,913.00, or S$0.115 per share.

USP shares last changed hands in the market at S$0.10 on March 11.