Independent lubricants manufacturer United Global says its wholly-owned subsidiary, United Supply Chain (USC), has entered into a joint venture (JV) agreement with Latitude Shipping to form Latitude United Shipping (LUS) on Jan 26.

Under the terms of the agreement, USC will own a 45% stake, while the remaining 55% stake will be owned by Latitude Shipping.

Following that, the issued and paid-up share capital of LUS will be increased from US$100 ($132.69) to US$4.5 million.

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