Lubricant manufacturer United Global is preparing for a listing on Singapore Exchange’s (SGX) secondary board, known as Catalist board.
Catalist is more attractive as the minimum trading price (MTP) rule of 20 cents a share and the SGX watchlist do not apply to firms on this board.
The issue manager and sponsor of the initial public offering or IPO is Canaccord Genuity Singapore. SAC Capital Private Limited and Haitong International Securities (Singapore) are the joint placement agents.
United Global, which was incorporated last September, has a wholly owned subsidiary, United Oil Company Pte Ltd, a lubricants manufacturer headquartered in Singapore. Established in 1999, United Oil manufactures a wide range of high-quality, well-engineered lubricants under its own house brands such as United Oil, U Star Lube, Bell1 and HydroPure, at its facility in Tuas. It also toll manufactures lubricants for other companies. The company’s annual production capacity is 44,000 metric tonnes.
“In the years ahead, we will keep abreast of new developments in the lubricant industry, as well as expand into new markets, particularly exploring collaboration opportunities in developing countries,” said Jacky Tan, executive director and CEO, who currently owns 40% of the company. Wiranto, the company’s non-executive chairman, owns the remaining 60%.
The group’s other core business is the trading of base oils, additives and lubricants.
United Global has a distribution network of more than 30 countries.
Company revenue for financial year 2015 was USD 99.9 million.