USP Group (SGX:BRS) has completed the SG$3.9 million sale of its subsidiary Biofuel Research's property at 2 Tuas South Street 15 in Singapore to Excellence New Energy (Singapore), according to a Wednesday filing on the Singapore Exchange.
Proceeds will be used to settle liabilities, including land rent, property tax, professional fees, and debts to United Overseas Bank.
Following the sale, Biofuel Research, with outstanding liabilities of SG$800,000, was declared insolvent. Joint provisional liquidators Tan Wei Cheong and Khoo Christina were appointed on Jan. 15.
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