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SINGAPORE-BASED lubricant manufacturer United Global is gearing up for a listing on the Singapore Exchange's (SGX) Catalist board, it said in a preliminary offer document.
Incorporated on Sept 15 last year, United Global counts United Oil Company as its wholly-owned subsidiary.
United Oil, established in 1999, manufactures a wide range of high-quality, well-engineered lubricants under its in-house brands, as well as other third-party principals' brands, said United Global.
The group's other core business is in the trading of base oils, additives and lubricants.
United Global has a distribution network of over 30 countries, providing a wide range of lubricants and specialty fluids for automotive, industrial and marine applications as well as metal working fluids.
It owns a lubricant blending facility in Tuas with an annual production capacity of 44,000 metric tonnes, supported by an in-house laboratory for quality control and customisation of products to customers' specifications.
The laboratory is able to carry out tests in accordance with the standards set by the American Society for Testing Materials and the China GB Standards, said the group.
Revenue for financial year 2015 was at US$99.9 million, a 15.9 per cent fall from the year before due to lower demand. Almost all of the group's revenue comes from the Asia-Pacific region.
Profit for 2015, however, rose 85.4 per cent to US$6.2 million, mainly due to higher gross profit margins and lower distribution costs.
Earnings per share doubled from 1.8 Singapore cents in 2014 to 3.6 Singapore cents in 2015. This is based on the group's pre-placement share capital of 240,012,360 shares. Net asset value was US$5.6 million in 2015, or 3.3 Singapore cents per share.
"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 the group's executive director and chief executive Jacky Tan.
The actual date on which United Global's shares will commence trading will be announced when it is confirmed by SGX.