Singapore-based lubricant manufacturer United Global Limited announced that the company has entered into a non-binding memorandum of understanding (MoU) with Spain’s Repsol Lubricantes Y Especialidades, S.A on October 22.
Pursuant to the MOU, Repsol will perform a feasibility study to explore the acquisition of an equity stake in United Oil Company Pte Ltd, a wholly-owned subsidiary of the company.
Upon the completion of the feasibility study, the company and Repsol 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.
The MoU shall continue in force for a period of six months from the date of the MOU, and with the option to extend for a further six months subject to mutual agreement.
United Global is listed on the Catalist of the SGX-ST.