Singapore-based lubricant manufacturer United Global Limited announced that Spain’s Repsol Lubricantes Y Especialidades, S.A will take an additional six months to complete a feasibility study to explore the acquisition of an equity stake in United Oil Company Pte Ltd, a wholly-owned subsidiary of the company.
United Global is listed on the Catalist of the SGX-ST.
The two companies entered into a non-binding memorandum of understanding (MoU) on 22 October 2018. The original MoU, which covered a period of six months, has been extended until 21 October 2019. The original MoU included a provision for a six-month extension subject to mutual agreement.
Upon the completion of the feasibility study, the two parties shall discuss in good faith whether to proceed with the project and to negotiate the terms and conditions of the definitive agreement to be executed.