United Global subsidiary forms Taiwan joint venture
United Global Limited, a Singapore-based independent lubricant manufacturer and trader which debuted on the Catalist of the Singapore Exchange in July, announced that its subsidiary, United Oil Co. Pte Ltd, has entered into an agreement to form a joint venture in Taiwan with Jin Wei Chuang Co. to distribute United Oil-branded lubricants in Taiwan.
United Oil owns a 44,000-metric-tonne lubricant blending plant, with an in-house laboratory, in Singapore.
Jin Wei Chuang imports and distributes lubricants and automotive spare parts in Taiwan and is United Global’s existing distributor in the country.
United Global says the joint venture will increase United Oil’s presence in Taiwan and enable the company to have greater access and first-hand knowledge of the Taiwan market.
United Oil and Jin Wei Chuang will own 35.0% and 65.0% of the joint venture, respectively. The joint venture’s initial paid-up capital is TWD7,000,000 (USD219,270).