USP shares surge more than 60% despite minority revolt

SINGAPORE (Feb 20): Shares of USP Group, typically thinly traded, surged by more than 60% to 16.9 cents on Monday, following a move by two of the company’s substantial shareholders to try and oust executive chairman Li Hua and executive director Raphael Tham.

However, only a mere 21,300 shares changed hands.

The call for an EGM was disclosed by the company on Feb 13, citing a Feb 10 letter by Joshua Huang Thien En and Teng Choon Fong, who own more than 11% of the company between them.

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