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.
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Meta releases early versions of its Llama 3 AI model
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
TSMC estimates losses of US$92.4 million due to Taiwan earthquake
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
US: Wall St opens higher as some chip stocks bounce back after selloff
Blackstone reports 1% rise in Q1 earnings