United Global enters Australia joint venture

Singapore

CATALIST-LISTED United Global has entered into a joint-venture agreement that will see it involved in the importation and distribution of lubricant products in Australia.

United Global, a Singapore-based lubricant manufacturer and trader, said on Thursday that its wholly owned subsidiary, United Oil Company Pte Ltd, has entered into a shareholders' agreement with Australian companies, PFR Management Pty Ltd and DP United Pty Ltd, to incorporate a joint-venture (JV) company in Australia.

The JV company will be incorporated with an initial paid-up capital of A$100,000 (S$100,572). United Oil will hold a 35 per cent stake, while PFR and DP United will hold 55 per cent and 10 per cent, respectively…