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USP gets SGX nod to hold fiscal 2019 AGM by Sept 30

MAINBOARD-LISTED USP Group on Thursday said it has been granted an extension of time by the Singapore Exchange (SGX) to hold its annual general meeting (AGM) for fiscal 2019 by Sept 30.

The group had on July 18 applied for a two-month extension to compile additional information for its auditor’s audit report for the financial year ended March 31.

USP Group had also applied to the Accounting and Corporate Regulatory Authority for an extension on July 9, but its application is still under review as of Thursday.

In a separate announcement, the group said that SGX has granted in-principle approval for the listing and quotation of 1.5 million shares. This was part of its bid to satisfy the balance needed for its Supratechnic acquisition.

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This is conditional on, among others, the issuance of the shares prior to the expiry of the company’s general share issue mandate and full and final settlement of a legal claim by shareholder Joshua Huang Thien En through the issue of the 1.5 million shares.

Mr Huang had earlier filed a claim for S$1 million, which was part consideration for the acquisition of Supratechnic by way of a share purchase agreement between vendors and USP in December 2015.

Shares of USP, which is on the SGX watch list, last traded flat on July 30 at 7.5 Singapore cents.