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mDR Ltd snaps up 14.3% per cent in USP Group

mDR Ltd, an investment firm that also distributes and sells mobile phones and various consumer electronics products, on Wednesday said it would pick up a 14.25 per cent stake in USP Group for S$1.2 million. Among other things, USP distributes marine products and recycles waste oil. 

The purchase would be done via a share placement, through which mDR bought 15 million shares issued at S$0.08 apiece, USP Group said. Shares of USP last traded at S$0.07. 

Tardis Capital (Singapore) Private Limited, a corporate financial advisory firm incorporated in Singapore, will earn a referral fee of one per cent of the proceeds, for introducing mDR to USP Group.

Shares of mDR closed on Wednesday at S$0.001, down 0.1 Singapore cent or 50 per cent.

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USP Group is on the Singapore Exchange watchlist for failing to meet the minimum trading price criterion, which sets that the six-month average trading price should not be below S$0.20, and that the six-month average daily market capitalisation is at least S$40 million.