May 24 (Renewables Now) - Singapore-based diverse business group USP Group Ltd (SGX:BRS) has entered into a legally binding term sheet to sell a controlling stake in its biofuel subsidiary to AJ Jetting Pte Ltd.
More specifically, USP will be selling a 93.09% stake in Biofuel Research Pte Ltd for SGD 5.58 million (USD 4m/EUR 3.6m). A definitive deal is expected to be signed by June 15, 2019.
The business being sold is one of the first companies in Singapore to be active in developing technology for the conversion of waste oil to biodiesel, the seller said.
USP’s CEO Kan Bright Pan commented that this transaction is attractively priced and will allow the group to focus on expanding its marine products operations.
(SGD 1.0 = USD 0.727/EUR 0.649)