Repsol Lubricantes Y Especialidades SA entered into a non-binding memorandum of understanding to acquire 40% stake in United Oil Company Pte Ltd from United Global Limited (Catalist:43P) on October 22, 2018. Repsol Downstream Internacional S.A. entered into a share purchase agreement to acquire 40% stake in United Oil Company Pte Ltd from United Global Limited (Catalist:43P) for $46.5 million on September 30, 2019. Under the terms of the transaction, Repsol Downstream will acquire 14.96 million shares for an initial consideration of $36.5 million and a deferred consideration with payment of up to $10 million if the UOC Group achieves a contribution margin near to or exceeding $34.2 million for the financial period between January 1, 2023 to December 31, 2023. Pursuant to the agreement, the completion amount will be subject to net debt adjustment and working capital adjustment. All payments shall be effected by crediting for same day value to the relevant payee's account as specified in the agreement by way of irrevocable telegraphic transfer on the due date for payment. Upon completion of the proposed disposal, the UOC Group will become a joint-control entity of Repsol. The transaction is conditional on no material breach of any representation and warranty made by the United Global Limited contained in the agreement as of the date of the agreement and as of the completion date, provision of evidence satisfactory to the Repsol Downstream of the valid and effective winding up and liquidation and/or disposal of (i) Taiwan United Oil Co. Ltd and (ii) United Australia Pty Ltd or the transfer of these companies from United Oil Company Pte Ltd to United Global on terms satisfactory to the Purchaser that no accrued or contingent liabilities relating to those companies remain with United Oil Company Pte Ltd., United Global Limited having obtained the shareholders' approval at an extraordinary general meeting to be held and having complied with all legal and regulatory requirements (including the Catalist Rules of the Singapore Exchange Securities Trading Limited (“SGX-ST”), evidence of cancellation of and/or full satisfaction of the debt amounting to $7.17 million owing from UOC to United Global Limited. As of October 24, 2018, the Directors of United Global Limited recommended the shareholders to vote in favor of the deal. United Global Limited intends to use the net proceeds raised to fund future business expansions, investments and acquisitions when suitable opportunities arise. Repsol Downstream Internacional S.A. completed the acquisition of 40% stake in United Oil Company Pte Ltd from United Global Limited (Catalist:43P) on November 26, 2019. United Oil Company Pte Ltd will be jointly controlled by Repsol and United Global Limited.