Singapore’s USP Group sells Biofuel Research to JV

In Singapore, USP Group Limited announced that it has entered into a non-binding term sheet with AJ Shanaya Venture Pte Ltd, a company jointly owned by the founders of AJ Jetting Pte Ltd and Shanaya Environmental Services Pte Ltd, to sell its subsidiary company, Biofuel Research Pte Ltd to them. Biofuel Research Pte Ltd is one of the first companies in Singapore to pioneer proprietary technology to convert waste oil to biodiesel. AJ Shanaya Pte Ltd is interested to acquire 100 per cent of Biofuel Research Pte Ltd for a consideration of S$6,000,000. As the Group holds 93.09% of Biofuel, the potential proceeds due to the Group is S$5,590,000.