Uni-Fuels Holdings to List Shares in US

The firm intends to list three million of its shares on the Nasdaq at an anticipated price of $4-5 per share. File Image / Pixabay

Marine fuels firm Uni-Fuels Holdings has filed for an initial public offering of its shares in the US.

The firm intends to list three million of its shares on the Nasdaq at an anticipated price of $4-5 per share, it said in an exchange filing last month.

The company's CEO, Koh Kuan Hua, will retain about 68.64% of the company after the IPO.

The firm reported net profit of $1.21 million in 2023, down from $1.98 million the previous year.

The company intends to use the money raised from the IPO in the following ways, according to the filing:

• Approximately 80% for scaling up our reselling activities to gain market share from existing and new markets
• Approximately 15% for strengthening our workforce and expanding our market presence in new geographical locations
• Approximately 5% for cash reserve and general corporate purposes

"During the two years ended December 31, 2023, we have arranged for marine fuel supply (under both our reselling and brokerage business) at 103 geographical ports worldwide, of which 35.9% of the supplies were carried out in South East Asia, 27.2% in North East Asia, 8.7% in South Asia, 8.7% in North America, 7.8% in Europe, 3.9% in South America, 3.9% in Middle East, 2.9% in Africa and 1.0% in Central America," the company said in the filing.

"During the two years ended December 31, 2023, we have arranged for marine fuel supply to 88 customers, of which 77.3% are based in South East Asia, 15.9% in North East Asia, 4.6% in Europe and 2.3% in Middle East.

"Our customers are mainly shipping companies operating in market sectors such as bulk, tanker, offshore, container, general cargo, tug and barge, car carrier, cruise, yacht and dredging."