Sinopec lubricants agent MTS Energy now on Unlisted platform
BUSINESSDESK: MTS Energy, an importer and distributor of automotive lubricants, has listed its shares on Unlisted, bringing total companies on the platform to 16.
The Auckland-based company has about 38.4 million fully paid shares on Unlisted, representing capital of $1.9 million, out of a total 74.8 million shares. The remaining 36 million need to be paid at 5 cents apiece. The stock did not trade today.
MTS has not indicated it wants to raise more capital. It has 31 shareholders, predominantly Chinese.
The company began as a BP service station in the Katikati area and has been developing the market for lubricants since 2009, it says in a statement. It acquired the lubricants business of ITrust Investment this year for $2.2 million, including $500,000 of goodwill.
MTS is the New Zealand distributor for Chinese oil giant Sinopec China, it says.
In the year ended March 31, it recorded a profit of $17,094 on sales of $583,395. It had a $449,000 term loan with Westpac for 54 months and a 12-month loan from ITrust Investment of $587,279, its accounts show.