By Singapore Newsroom
SINGAPORE (Jul 11) -- Singapore's United Global, a lubricant manufacturer, said Tuesday it has entered into a non-binding memorandum of understanding with Japan-based M-TechX Incorporated to explore the possibility of setting up a joint venture business.
The companies plan to undertake mass production and commercialization of nano-fibres in oil absorbents through their joint venture, United Global said in an exchange filing. The joint venture will also undertake further research and development of the M-TechX' proprietary technology for commercialization in the filter and ballast water sectors.
"The board believes that this potential joint venture, if entered into, would be beneficial to the group as it allows the group to gain access to the technology, offer new business opportunities, enable the group to widen its revenue source and potentially improve its prospects and enhance shareholders' value," it added.
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