USP to receive US$1 mil in settlement of civil litigation

SINGAPORE (Nov 21): Oil blending firm USP Group says that its subsidiary, Scientific & Industrial Instrumentation (SII), will be receiving US$1 million ($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.

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