USP Group defaults on repayment of loaned shares from Precious Streams Holdings

SINGAPORE (March 21): USP Group has failed to repay Precious Streams Holdings (PSHL) the 4.9 million of consideration shares by the deadline of March 20, 2017, the first anniversary of the date of loaned shares from PSHL.

PSHL is a controlling shareholder of USP, while Weng Huixin, the sole shareholder of PSHL, is a non-executive director of USP.  

In a Tuesday filing before the market opened, the oil blending firm says it has “yet to receive the regulatory approvals” and has written to PSHL to request for an extension of time on the issuance of the repayment shares, but has yet to receive consent at the time of writing.

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