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.

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.