SINGAPORE (Nov 21): Oil blending firm USP Group says that its subsidiary, Scientific & Industrial Instrumentation (SII), will be receiving US$1 million (S$1.4 million) as part of a confidential settlement agreement it had entered into on Oct 23 with “various parties”.
In exchange, SII has sold its 40% stake in MSV Systems & Services to the latter’s founder, Tan Teck Huat. The share transaction was completed on Nov 10.
SII is a member of Supratechnic, which USP acquired in March 2016 after the legal suit was launched by the former Supratechnic management in Aug 2015... (Click here to read the full story.)