USP seeking advice on EGM requisition letter, advised to obtain ‘documentary evidence’ of shareholders’ stake

SINGAPORE (March 17): USP Group says it is still seeking legal advice on the validity of an extraordinary general meeting (EGM) request made by substantial minority shareholders Joshua Huang Thien En and Teng Choon Fong, from over a month ago.

In a Thursday evening filing to the SGX, USP says it has also been advised to obtain “documentary evidence” of their shareholding in the company from the two parties concerned.

To recap, Huang and Teng, who collectively own more than 11% of the company, last month via a Feb 10 letter called for an EGM to oust USP’s chairman Li Hua and executive director Raphael Tham.

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